Without Subsidy Petrol Would Sell for N462/litre – NNPC

Osaretin Balogban

The Nigerian National Petroleum Company (NNPC) Limited revealed yesterday that without subsidy petrol would sell for N462 per litre.

NNPC said marketing and distribution of petrol cost around N46 per litre, it also revealed that the landing cost determined by the international market was $1,283 per metric tonne in the second quarter of this year.

See Also: NNPC Fails To Account For 107 Million Barrels Of Crude, – Auditor General

It said the addition of total costs will evaluate a pump price of N463 per litre in the general market based on an average subsidy of N297 per litre with a yearly evaluation of N6.5 trillion on the supposed 60 million litres/day of petrol supply.

The petroleum company also noted that the daily fuel supply is around 68 million litres.

The Group General Manager of NNPC, Mallam Garba Deen Muhammad who was at the meeting of the House of Representatives Committee on Finance said the company’s average supply tally with the petrol imports.

The meeting was on the 2023-2025 Medium Term Expenditure Frame and Fiscal Strategy Paper.

Garba Deen Muhammad at the meeting said; “the total volume of PMS imported into the country was 16.46 billion litres, which translates to an average supply of 68 million litres per day”.

“Similarly, import in the year 2021 was 22.35 billion litres, which translated to an average supply of 61 million litres per day”.

“As a responsible business entity, NNPC will continue to engage and work with relevant agencies of the government to curtail smuggling of PMS and contain any other criminal activities on our mandate of ensuring energy security for our country with integrity and transparency”. He added

Source: The Nation

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