The era of fuel subsidy may soon be ended  as a result of the Petroleum  Industry bill  signed by the president  Major General Muhammadu Buhari (retd), on Monday.

It was gathered by Gnbnews on Monday that the government’s position of fuel subsidy would form the major item during the minister of state for petroleum resources , chief Timipre Sylva’s press conference on the petroleum industry bill ,which holds today (Tuesday).

Reports have it  that the signing of the bill would affect the price of fuel as the cost of fuel could jump  to as high  as #300 per litre  from the current #162-#165 as the implementation of the law  may allow the market forces determine the price of fuel as stipulated in the new law.

The minister would also address the division of the Nigeran National  Petroleum  Corporation, at the meeting today .

The minister also said that the subsidy removal is to the interest and growth of Nigeria , he says ‘ people would have there different view about the new update but from where I sit I believe that subsidy removal is the best thing for Nigeria and not the industry .

‘So far discussions with stakeholders are still ongoing , But i will also bring it to your attention that today , when the president approves the PIB , subsidy will become a matter of law , because it is already stated in the PIB that petroleum products will be sold at market-determined price ‘.