Petrol Subsidy To Gulp N102.96bn In March

The Nigerian National Petroleum Corporation may spend N102.96bn on petrol subsidy this month going by the recent pricing template for the commodity.

A Federal Government agency, Petroleum Products Pricing Regulatory Agency, on Thursday published the expected new lower and upper prices for petrol at retail outlets in March 2021, putting the rates at N209.61/litre and N212.61/litre respectively.

It also put the ex-depot price of petrol for the month at N206.42/litre and pegged the expected landing cost at N189.61/litre.

PPPRA is the regulator of the downstream oil sector.

However, the ex-depot price approved by NNPC for March was N148.6/litre and the corporation insisted that it had not and had no plan to increase petrol price this month.

Ex-depot price is the rate at which NNPC sells the commodity to depot owners, from where retailers make purchase before dispensing at the pumps in filling stations.

NNPC is the sole importer of petrol into Nigeria for more than three years.

Nigeria consumes about 57.44 million litres of petrol daily, going by the most recent daily consumption figure released by the NNPC in its financial and operations report.

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