L
LequteMan
Guest
The Nigerian government is not considering reducing the pump fuel price in the country, just like other countries did following the fall in oil price, because of the recent devaluation of the Naira. This report from Vanguard says the devaluation has deprived Nigerians of a reduction in price of petroleum products at petrol stations.
The Petroleum Products Pricing regulatory Agency, PPPRA, claimed in its Thursday, December 11, 2014, that it was buying products from foreign refineries at the rate of N171.36 ==$1.
PPPRA’s Pricing Template indicated that as at Thursday, its Offshore Nigeria Price stood N78.67 per litre and a Landing cost of N88.90 per litre.
When all distribution margins and other costs are added to the landing cost, Expected Open Market Price got to N104.39 per litre, thus still leaving the federal government with a subsidy of N7.39 kobo.
State actors claimed that the federal government now needed much more Naira to buy the products which should have cost consumer more but for the reduction in the cost of crude , as well as, subsidy it pays on the products.
click here to read more
#Nigeria #Fuel #Petrol
The Petroleum Products Pricing regulatory Agency, PPPRA, claimed in its Thursday, December 11, 2014, that it was buying products from foreign refineries at the rate of N171.36 ==$1.
PPPRA’s Pricing Template indicated that as at Thursday, its Offshore Nigeria Price stood N78.67 per litre and a Landing cost of N88.90 per litre.
When all distribution margins and other costs are added to the landing cost, Expected Open Market Price got to N104.39 per litre, thus still leaving the federal government with a subsidy of N7.39 kobo.
State actors claimed that the federal government now needed much more Naira to buy the products which should have cost consumer more but for the reduction in the cost of crude , as well as, subsidy it pays on the products.
click here to read more
#Nigeria #Fuel #Petrol
