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Fuel subsidy drops by N1.7bn daily

19 October 2015, 14:29

Abuja - Petrol subsidy crashed to N11.38 per litre, amounting to daily payment of N286 million from N2.064 billion, New Telegraph reports.

The crash in the Expected Open Market Price (EOMP) released by the Petroleum Products Pricing Regulating Agency (PPPRA) at the weekend and the re-streaming of three refineries in Nigeria have reduced the government’s spending on subsidy by N1.778 billion per day between June and October.

The EOMP, the landing cost (N82.89) and all margins on the product (N15.49), which was last update on PPPRA’s website on October 16, and seen by New Telegraph yesterday, dipped to N98.38 per litre. With the new figure, subsidy to be paid on each of the 26 million litres of petrol imported by the Federal Government has dropped to N11.38, given the regulated price of the product at N87 per litre.

Also read: Nigeria's fuel subsidy unsustainable - Kachikwu

The re-streaming of the two refineries in Port Harcourt and one in Kaduna has, according to the data of the Nigerian National Petroleum Corporation (NNPC), reduced fuel importation by about 14 million litres. Average total fuel consumption in Nigeria is 40 million litres daily, according to figures from the Pipelines and Products Marketing Company (PPMC) while the average importation on which subsidy is paid is about 26 million litres.

Read more at New Telegraph

- News 24


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