12-17-2019, 12:59 PM
PPPRA: Petrol subsidy now N1.24bn daily
December 17, 2019
B![[Image: petroleum-tanker.png]](https://www.newtelegraphng.com/wp-content/uploads/2017/04/petroleum-tanker.png)
Nigeria pays N1.24 billion daily as subsidy on premium motor spirit (petrol), arising from a daily truck out of 58.46 million litres, the Petroleum Products Pricing Regulatory Agency (PPPRA) has revealed.
Executive Secretary of PPPRA, Abdulkadir Saidu, in a statement issued yesterday in Abuja, noted that the latest data showed that petrol under recovery, the difference in actual cost and the government approved pump price of N145 per litre, was now N21.22Kobo per litre.
According to him, the gasoline price at the international market averaged $582.80 per metric tonne and the Landing Cost and Expected Open Market Price (EOMP) averaged N146.85/litre and N166.22/litre respectively for NNPC imports only.
PPPRA added that due to the cost of financing component built into other marketers’ imports landing cost and EOMP PMS price averaged N149.86/litre and N169.23/litre respectively.
Saidu explained that the weekly data covering 28th November 2019 to 4th December 2019, stressed that the Central Bank of Nigeria (CBN) official Exchange Rate averaged N306.97/$ and the parallel market rate was stable and averaged N360.00/$ during the period.
Also, the reference Freight Rate from North West Europe (UK-Coast – UKC) to West African Frontier (WAF) averaged $30.87 per metric tonne, the rate decreased when compared to previous week’s average of $35.45 per metric tonne.
PPPRA said: “The total Premium Motor Spirit (Petrol) receipt for the period (28th November – 4th December 2019) was 473,602 million litres; Automotive Gas Oil (AGO) 68,366 million; Aviation Turbine Kerosene (ATK) 20,327 million litres.
“The average daily discharges of PMS for the week stood at 67.66 million litres.
“The data indicated that the national truck-out volume of petrol for the week was 409.22 million litres, AGO 115.97 million litres, and Aviation Turbine kerosene (ATK) 27.05 million litres. Household kerosene (HHK) recorded zero.
“The Average Daily Truck-out Volume of PMS for the week from various depots for supply to retail outlets was 58.46 million litres while the average Days Sufficiency for PMS and AGO during the week were 47.25 and 41.29 days respectively.”
December 17, 2019
B
Nigeria pays N1.24 billion daily as subsidy on premium motor spirit (petrol), arising from a daily truck out of 58.46 million litres, the Petroleum Products Pricing Regulatory Agency (PPPRA) has revealed.
Executive Secretary of PPPRA, Abdulkadir Saidu, in a statement issued yesterday in Abuja, noted that the latest data showed that petrol under recovery, the difference in actual cost and the government approved pump price of N145 per litre, was now N21.22Kobo per litre.
According to him, the gasoline price at the international market averaged $582.80 per metric tonne and the Landing Cost and Expected Open Market Price (EOMP) averaged N146.85/litre and N166.22/litre respectively for NNPC imports only.
PPPRA added that due to the cost of financing component built into other marketers’ imports landing cost and EOMP PMS price averaged N149.86/litre and N169.23/litre respectively.
Saidu explained that the weekly data covering 28th November 2019 to 4th December 2019, stressed that the Central Bank of Nigeria (CBN) official Exchange Rate averaged N306.97/$ and the parallel market rate was stable and averaged N360.00/$ during the period.
Also, the reference Freight Rate from North West Europe (UK-Coast – UKC) to West African Frontier (WAF) averaged $30.87 per metric tonne, the rate decreased when compared to previous week’s average of $35.45 per metric tonne.
PPPRA said: “The total Premium Motor Spirit (Petrol) receipt for the period (28th November – 4th December 2019) was 473,602 million litres; Automotive Gas Oil (AGO) 68,366 million; Aviation Turbine Kerosene (ATK) 20,327 million litres.
“The average daily discharges of PMS for the week stood at 67.66 million litres.
“The data indicated that the national truck-out volume of petrol for the week was 409.22 million litres, AGO 115.97 million litres, and Aviation Turbine kerosene (ATK) 27.05 million litres. Household kerosene (HHK) recorded zero.
“The Average Daily Truck-out Volume of PMS for the week from various depots for supply to retail outlets was 58.46 million litres while the average Days Sufficiency for PMS and AGO during the week were 47.25 and 41.29 days respectively.”