How Buhari govt subsidises petrol consumption by N18.68K

A new fact has emerged that the current administration led by President Muhammadu Buhari, through the Nigerian National Petroleum Corporation (NNPC) is subsidising petrol consumption by N18.68K per litre.

The Petroleum Products Pricing Regulatory Agency (PPPRA) on Monday disclosed that the current open price market of the Premium Motor Spirit (PMS) popularly known as Petrol as at Nov. 15 stood at N163.68 per litre.

PPRA in its latest Petroleum Products Pricing Template said the open market price is N18.68 higher than the N145 price fixed by the Federal Government.

The template put the landing cost of the commodity at N147.95 per litre, while total distribution margins of N19.37 per litre brings the total cost of the commodity to N163.68 per litre.

The PPPRA report noted that the cost of the commodity plus freight stood at 618.47 dollars per metric tonne, an equivalent of N141.54 per litre.

It added that the lightering expenses and Nigerian Port Authority (NPA), charges stood at N2.75 and N0.84 per litre respectively.

The Nigerian Maritime Administration and Safety Agency (NIMASA) charges, according to the PPPR, stood at N0.22 per litre while the Jetty Throughput Charge N0.60 per litre and storage charge N2.00 per litre.