Economy

NNPCL have said Petrol will cost ₦462/ litre without the government subsidy

todaySeptember 5, 2022 1

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Group General Manager, Group Public Affairs Division of the Nigerian National Petroleum Company Limited Nnpcl Garba Deen Muhammad says premium motor spirit PMS popularly known as petrol will cost consumers 462 Naira per litre without the Federal Government’s subsidy.

Muhammad in a statement said the average daily evacuation Depot truck out from January to August 2022 stands at 67million litres per day as reported by the Nigerian Midstream and Downstream Petroleum Regulatory Authority NMDPRA and daily Evacuation of depot loadouts records of the NMDPRA carries daily fluctuation from as low as 4 million liters to as high as 100 million liters per day.

It added that the rising crude oil prices and PMS supply costs above the NMDPRA cap had forced oil marketing companies’ withdrawal from PMS import since the fourth quarter of 2017.

The statement says NNPC has remained the supplier of last resort and continues to transparently report the monthly PMS cost under-recoveries to the relevant authorities.

Written by: Tobi Fidel

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