Data from the PPRA suggest fuel subsidy is now N14.79 per litre. Total landing cost for PMS (fuel) was N101.79 as at February 9th, 2015 indicating an under Recovery (subsidy) of N14.79. The PPPRA maintained an exchange rate of N171.36 even as exchange rate hit N200 at the interbank on Tuesday February 10th. Subsidy was about N3.64 at the end of January 2015 and as now quadrupled.
Brent Crude has been strengthening of late but closed at $56.49. Following several calls amidst falling oil prices, the Minister for Petroleum had on January 18th announced a reduction in fuel price from N97 to N87.