- Price of producing a litre of petrol has climbed to N205
- Implication of this is that if the FG deregulates the downstream petroleum industry today, petrol would be sold at N205 per litre
- This means that the Nigerian National Petroleum Corporation(NNPC) is currently paying N60 as subsidy for a litre of the commodity
The price of producing a litre of Premium Motor Spirit (PMS) also known as petrol has climbed to N205 according to a report by Vanguard, quoting documents obtained from the Petroleum Products Pricing Regulatory Agency (PPPRA).
The implication of this is that if the federal government deregulates the downstream petroleum industry today, petrol would be sold to motorists by petroleum marketers at N205 per litre.
The documents from the PPPRA, according to the news outlet shows that the price of the commodity appreciated by 8.47 per cent from N189 per litre recorded in April 25, 2018, to N205 per litre as at May 16, 2018.
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The price had risen from N200 per litre between May 1 and May 10, 2018, to N205 per litre between May 11 and May 16, 2018.
Based on the above submission and given the fact that the price of petrol is still fixed at a maximum of N145 per litre, this means that the Nigerian National Petroleum Corporation(NNPC) is currently paying N60 as subsidy for a litre of the commodity.
Meanwhile, NAIJ.com had reported that the federal government maybe considering an increase in fuel price as a solution to the lingering petrol scarcity in the country.
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Leadership reports that the Bauchi state governor, Mohammed Abubakar, gave an indication of the impending increase in fuel price when he spoke with journalists after the National Economic Council (NEC) meeting presided over by Vice President Yemi Osinbajo at the Presidential Villa on Thursday, February 15.
Fuel scarcity: This is getting too much for us - Nigerians lament on NAIJ.com TV:
Source: Naija.ng