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Amid the outcry against the increase in the price of fuel, the Federal Government has said it is financially incapable to subsidise the petroleum product.
This was disclosed by Timipre Sylvia, Minister of State for Petroleum Resources, while addressing newsmen in Abuja on Thursday.
Sylvia said since the introduction of the deregulation policy, the country has saved about N1 trillion.
He added that the government has concluded plans to merge the Petroleum Products Pricing Regulatory Agency, PPPRA, and the Petroleum Equalisation Fund, PEF, into one agency called The Authority.
