ln a move probably indicative of an undeclared course of action, President Goodluck Jonathan Monday decried the continued regulation of pump prices of petroleum products, which he said, had become a drain on the country's resources.
But he did not categorically take a stand on whether petroleum subsidy should/would be removed or not.
The president said this in an address to delegates at the opening ceremony of the on-going 35th edition of the Society of Petroleum Engineers (SPE) Nigeria Annual International Conference and Exhibition (NAICE) 2011 in Abuja.
Jonathan stated that apart from draining the national resources, the huge cost of fuel subsidies had also limited the government's ability to provide enabling environment for private sector investment in the country's downstream petroleum sector.
"Significant national income has been expended so far on price regulation of refined products in the domestic market," Jonathan said.