• Login
  • Register
Nairametrics
  • Home
  • Exclusives
    • Financial Analysis
    • Corporate Stories
    • Interviews
    • Investigations
    • Metrics
  • Markets
    • Currencies
    • Cryptos
    • Commodities
    • Equities
      • Dividends
      • Stock Market
    • Fixed Income
    • Market Views
    • Securities
  • Industries
    • Company News
    • Consumer Goods
    • Corporate Updates
    • Corporate deals
    • Corporate Press Releases
    • Energy
    • Entertainment
    • Financial Services
    • Hospitality & Travel
    • Manufacturing
    • Real Estate and Construction
    • Tech News
  • Economy
    • Nairalytics
    • Macro-Economic News
    • Research Analysis
    • Budget
    • Public Debt
  • Business News
  • Financial Literacy
    • Career tips
    • Personal Finance
  • Lifestyle
    • Billionaire Watch
    • Profiles
  • Opinions
    • Blurb
    • Op-Eds
No Result
View All Result
  • Home
  • Exclusives
    • Financial Analysis
    • Corporate Stories
    • Interviews
    • Investigations
    • Metrics
  • Markets
    • Currencies
    • Cryptos
    • Commodities
    • Equities
      • Dividends
      • Stock Market
    • Fixed Income
    • Market Views
    • Securities
  • Industries
    • Company News
    • Consumer Goods
    • Corporate Updates
    • Corporate deals
    • Corporate Press Releases
    • Energy
    • Entertainment
    • Financial Services
    • Hospitality & Travel
    • Manufacturing
    • Real Estate and Construction
    • Tech News
  • Economy
    • Nairalytics
    • Macro-Economic News
    • Research Analysis
    • Budget
    • Public Debt
  • Business News
  • Financial Literacy
    • Career tips
    • Personal Finance
  • Lifestyle
    • Billionaire Watch
    • Profiles
  • Opinions
    • Blurb
    • Op-Eds
No Result
View All Result
Nairametrics
No Result
View All Result
Home Opinions Blurb
7 stowaways, including Nigerians, arrested after suspected hijacking off Isle of Wight, ABCON shakes the table, Nigeria imported, Petrol import drops as importation of cooking gas increases by 21% 

FG to pay ₦39.9 billion monthly Subsidy as Petroleum Import declines

Bamidele Samuel AdesojibyBamidele Samuel Adesoji
5 years ago
in Blurb, Business News, Macro-Economic News, Politics, Research Analysis
Share on FacebookShare on TwitterShare on Linkedin

The importation of refined petroleum products will decline in March 2019, even as Nigerians consume an average of 53.2m litres of PMS daily.

According to the latest Shipping Position Report released by the Nigerian Ports Authority (NPA), out of the twenty-six (26) vessels expected into the Lagos port between now and March 11, only one is conveying the Premium Motor Spirit, which is also known as Petrol.

Compared to the previous two months of February when a total of 23 PMS laden vessels came through the Lagos ports prior to the election, the expected import is set to be the lowest volumn of PMS to arrive the country in a while. Note that in January, 30 vessels conveying PMS arrived the Lagos port.

According to the report, MV Joyce Cargo is the only vessel conveying PMS, while the other 25 vessels are loaded with other products such as ethanol, bulk wheat, sugar, gypsum, salt and general cargoes.

Meanwhile, Jet A1 and four motor tankers are at the Lagos pilotage district currently awaiting berth. Also,  there are 11 motor vessels at the port with only two laden while others are empty containers. The two containers awaiting berth are laden with general cargoes.

The NNPC has plans to end the importation of refined petroleum products

In recent months, the Nigerian National Petroleum Corporation (NNPC) has been premeditating plans to stop the importation of refined petroleum product into Nigeria. Specifically, the NNPC has repeatedly spoken of its resolve to completely stop the importation of refined petroleum product into Nigeria by December 2019.

The NNPC sees the stoppage of refined petroleum products importation as the appropriate policy move to pave way for the rehabilitation of the local refineries in Warri, Port Harcourt and Kaduna, thereby domestically refining the required volume of PMS for local consumption.

In the meantime, the Federal Government will pay ₦39.9 billion for fuel subsidy

With Nigerians consuming about of 53.2 million litres of PMS every day, the implication is that an average of 1.6 billion litres is consumed within 30 days. This, multiplied by the ₦25 per litre of subsidy which the Government is expected to pay, means that FG will absorb a total of ₦39.9 billion worth of subsidy every 30 days.


Download Nairametrics App for breaking news and market intelligence.
   
Tags: Dr. Ibe KachikwuDr. Maikanti BaruFuel ImportationFuel SubsidyNigerian National Petroleum Corporation (NNPC)Refined petroleum product
Bamidele Samuel Adesoji

Bamidele Samuel Adesoji

Samuel is an Analyst with over 5 years experience. Connect with him via his twitter handle

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *







NM newsletters
Bankers committee
Kwakol
Abbey
IMT

Zenth Bank
UBA
Mega Millions

Business News | Stock Market | Money Market | Cryptos | Financial Literacy | SME |

Recent News

  • OPEC oil output in September rose on Nigerian and Iranian production – Survey 
  • Nigeria’s poultry sector on the brink of collapse due to maize shortage
  • Interest rate can’t surpass country’s bond rate-Ezra Olubi

Follow us on social media:

Recent News

OPEC

OPEC oil output in September rose on Nigerian and Iranian production – Survey 

October 2, 2023
Poultry farmers warn of impending collapse, says farmers can no longer feed birds

Nigeria’s poultry sector on the brink of collapse due to maize shortage

October 2, 2023
  • Download Nairametrics iOS App
  • Download Nairametrics Android App
  • Contact Us
  • Home
  • Exclusives
  • Markets
  • Industries
  • Economy
  • Business News
  • Financial Literacy
  • Opinions

© 2023 Nairametrics

No Result
View All Result
  • Home
  • Exclusives
    • Financial Analysis
    • Corporate Stories
    • Interviews
    • Investigations
    • Metrics
  • Markets
    • Currencies
    • Cryptos
    • Commodities
    • Equities
      • Dividends
      • Stock Market
    • Fixed Income
    • Market Views
    • Securities
  • Industries
    • Company News
    • Consumer Goods
    • Corporate Updates
    • Corporate deals
    • Corporate Press Releases
    • Energy
    • Entertainment
    • Financial Services
    • Hospitality & Travel
    • Manufacturing
    • Real Estate and Construction
    • Tech News
  • Economy
    • Nairalytics
    • Macro-Economic News
    • Research Analysis
    • Budget
    • Public Debt
  • Business News
  • Financial Literacy
    • Career tips
    • Personal Finance
  • Lifestyle
    • Billionaire Watch
    • Profiles
  • Opinions
    • Blurb
    • Op-Eds
  • Login
  • Sign Up

© 2023 Nairametrics

Welcome Back!

Login to your account below

Forgotten Password? Sign Up

Create New Account!

Fill the forms below to register

All fields are required. Log In

Retrieve your password

Please enter your username or email address to reset your password.

Log In