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LequteMan
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The Nigerian government has resumed payment of subsidy on petrol, an act which was abolished in January 2016.
According to the latest pricing templates of the Petroleum Products Pricing Regulatory Agency released on Saturday, FG is paying N5.84 as subsidy on every litre of petrol sold at non-NNPC filling stations.
According to the agency, the Expected Open Market Price of petrol for non-NNPC stations as at April 2, 2016, was N92.34 per litre, against an official pump price of N86.5 per litre, leaving an under-recovery or subsidy of N5.84 per litre.
However the agency said pump price of petrol remains unchanged at N86 per litre when purchased at filling stations run by the Nigerian National Petroleum Corporation and N86.5 per litre when sold at outlets operated by other oil marketers.
Nevertheless, Nigerians are buying the product at exorbitant prices at petrol station nationwide due to the scarcity of the product. Residents of Lagos, Ibadan, Port Harcourt, Abuj, are groaning as the product now sells for N200 per litre.
The federal government said the scarcity will end in a few days but didn't stipulate the exact date the crisis would end.
According to the latest pricing templates of the Petroleum Products Pricing Regulatory Agency released on Saturday, FG is paying N5.84 as subsidy on every litre of petrol sold at non-NNPC filling stations.
According to the agency, the Expected Open Market Price of petrol for non-NNPC stations as at April 2, 2016, was N92.34 per litre, against an official pump price of N86.5 per litre, leaving an under-recovery or subsidy of N5.84 per litre.
However the agency said pump price of petrol remains unchanged at N86 per litre when purchased at filling stations run by the Nigerian National Petroleum Corporation and N86.5 per litre when sold at outlets operated by other oil marketers.
Nevertheless, Nigerians are buying the product at exorbitant prices at petrol station nationwide due to the scarcity of the product. Residents of Lagos, Ibadan, Port Harcourt, Abuj, are groaning as the product now sells for N200 per litre.
The federal government said the scarcity will end in a few days but didn't stipulate the exact date the crisis would end.
