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Fuel subsidy drops by N1.7bn daily

18 January 2016, 19:00

Lagos - The subsidy on petrol at the weekend crashed to N11.38 per litre, amounting to daily payment of N286 million from N2.064 billion it was in June, 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 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.

The refinery in Warri, which is shut due to technical hitch, could have further reduced the importation figure by about five million litres, if it had been operational.

On a conversion rate of one metric tonne to 1, 341 litres of fuel, the PPPRA placed its pricing template on N196.98 to $1. The subsidy had, on August 18, crashed to N954.75 million daily.

Read more at New Telegraph

- News 24


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