L
LequteMan
Guest
Due to the fall in global oil prices, the landing cost of petrol has dropped to N82.57 per litre as of Thursday, December 18, 15% lower than it's retail price of N98.06.
The Expected Open Market Price (retail price) of petrol is N98.06 per litre as of December 18, but the regulated price is N97. The difference is subsidy.
Therefore FG's spending on petrol subsidy has fallen to a five-year low of N1.06 per litre as of that, compared to N44.94 on November 3, when it imported at N127.57 per litre, according to data obtained from the Petroleum Products Pricing Regulatory Agency.
Subsidy refers to the money paid, usually by government, to keep prices below what they will otherwise be in a free market system.
#Nigeria #Petrol
The Expected Open Market Price (retail price) of petrol is N98.06 per litre as of December 18, but the regulated price is N97. The difference is subsidy.
Therefore FG's spending on petrol subsidy has fallen to a five-year low of N1.06 per litre as of that, compared to N44.94 on November 3, when it imported at N127.57 per litre, according to data obtained from the Petroleum Products Pricing Regulatory Agency.
Subsidy refers to the money paid, usually by government, to keep prices below what they will otherwise be in a free market system.
#Nigeria #Petrol