Fuel subsidy removal: The truth every Nigerian should know

The answer is simple. Subsidy was removed so that anybody who cares can import petrol and sell it at a price that can give him profit. With that, petrol will flood the market and the importers will be
competing fiercely among themselves as we now have with GSM providers. That will force down the price of petrol as it has happened with diesel which has been deregulated for a long time now.
The money which we could have been using to pay subsidy, we can now be using for development activities. And since the importers will have to go and look for foreign exchange on their own, the demand on the official one will reduce.
Now, with freedom by private refineries to determine the prices of their products, such refineries will spring up so that with time, we won't need to import petrol anymore. Instead we will become exporters of petrol.
Remember that by importing, we are promoting the refinery business in those countries from which we are importing. That means that the refineries will be creating more jobs for the people of those countries. By having our own refineries, those jobs will now be created here at home. In this way, deregulation will create more jobs for us.
You know of course that these things will have multiplier effects. Small, small businesses will spring up in and around that industry, so also are a variety of trading activities. Therefore, this move by the government is in the overall interest of all.