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Petrol subsidy hits N1.2bn

20 February 2015, 16:25

Abuja - The subsidy on petrol that the Federal Government will pay has hit 1.2 billion naira after it slashed the price of the product by N10 per litre on January 18, 2015 according to figures from the Petroleum Products Pricing Regulatory Agency (PPPRA), Punch reports.

Crude oil prices fell to as low as $47 per barrel in December, but the price of Brent Crude, which is the variant produced in the country, maintained an average of $61 per barrel in the last two days, data from the Nigerian National Petroleum Corporation revealed.

Also read: Fuel subsidy claims rise to N184.7b

The PPPRA, stated that the Expected Open Market Price for petrol, which is the summation of the landing cost plus the subtotal margins, was N101.50, as against the approved retail price of N87 per litre.

This showed that the government will pay about N14.5 as subsidy on every litre of petrol consumed in the country in the past two days that the price of Brent averaged $61 per barrel.

Read more at Punch

- News 24


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