Data obtained from the Petroleum Products Pricing Regulatory Agency (PPPRA) on Sunday showed that subsidy on every litre of Premium Motor Spirit consumed in the country has dropped to N14.39 From a high of N51.61 per litre on June 11, 2015.
The PPPRA, in its latest pricing template released on Friday, October 2, 2015, stated that the Expected Open Market Price (total cost) of petrol was N101.39 per litre. The regulated retail price of petrol is N87 per litre. The difference between the EOMP and the retail price is, therefore, N14.39.
According to the Nigerian National Petroleum Corporation, the country consumes about 40 million litres of petrol daily. By multiplying the volume of petrol consumed across the country on a daily basis with the current amount spent on subsidising the product, it means that the government spends about N575.6m on subsidy daily, down from N2.06bn on June 11.
