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LequteMan
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Nigeria- As a result of the continued fall in oil prices, FG's daily subsidy on petroleum products has reduced by 80% to N7.93 on Wednesday, December 10, as compared to N44.94 on November 3, Punch reports. The price at gas stations however is stable.
Based on an average daily consumption of 40 million litres, the total government expenditure on petrol subsidy has thus reduced by more than 80 per cent to N317m, compared to N1.8bn on November 3.
The expected open market price and subsidy as of December 8 were put at N107.41 and N10.41, respectively, as against N141.94 and N44.94 on November 3. On December 9, the EOMP was N108.38, while the subsidy was N11.38.
High subsidy payments, devaluation of the naira and low capacity utilisation of the country’s refineries have been identified as factors denying Nigerians a reduction in the pump price of petrol.
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#Nigeria #Petrol
Based on an average daily consumption of 40 million litres, the total government expenditure on petrol subsidy has thus reduced by more than 80 per cent to N317m, compared to N1.8bn on November 3.
The expected open market price and subsidy as of December 8 were put at N107.41 and N10.41, respectively, as against N141.94 and N44.94 on November 3. On December 9, the EOMP was N108.38, while the subsidy was N11.38.
High subsidy payments, devaluation of the naira and low capacity utilisation of the country’s refineries have been identified as factors denying Nigerians a reduction in the pump price of petrol.
click here to read more
#Nigeria #Petrol
