Consumption of fuel spikes with ₦10.1 billion as subsidy - PPPRA

Date: 18-12-2019 7:22 am (4 years ago) | Author: Janey Geo
- at 18-12-2019 07:22 AM (4 years ago)
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The Petroleum Products Pricing Regulatory Agency (PPPRA) has said that the average daily consumption of fuel in the country has now reached 67.66 million liters.

Based on the data curated for daily consumption of petrol in September, Naijauto learnt that there is a 33.89 million liters increase when compared to the current average daily consumption.


This data was curated from November 28, 2019 - December 4, 2019, showing that about 67.76 million liters of fuel were discharged on a daily basis.

While disclosing this on Monday, the PPPRA stated that the fuel subsidy was ₦21.22 per liter during the period. Meaning that during the seven-day period, NNPC obtained ₦10.1 billion as the petrol subsidy.

The Executive secretary of PPPRA, Abdulkadir Saidu, who gave further explanations regarding the price of petrol during the seven-day period said the cost of petrol in the international market is $582.80 per metric tonne.

He stated that,

"The landing cost and Expected Open Market Price for petrol averaged ₦146.85/liter and ₦166.22/liter respectively for the NNPC imports only."


The petroleum pricing regulatory agency went further to disclose that the total fuel receipt collated between November 28, 2019 - December 4, 2019, stood at 473,602 million liters.
For diesel, the total receipt was 68,366 million liters while kerosene stood at 20,327 million liters.

PMS operators are of the view that the increase in fuel consumption will also increase the petrol subsidy,as NNPC is the only importer of fuel into Nigeria.With the data gotten from PPPRA,the Federal Gvernment will spend ₦750.81 billion on fuel subsidy come 2020.

Source: https://naijauto.com/market-news/consumption-of-fuel-5711

Posted: at 18-12-2019 07:22 AM (4 years ago) | Newbie
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