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Govt’ll Consult Widely Before Petrol Subsidy Removal – NNPC
According to the Nigerian National Petroleum Corporation (NNPC), the Federal Government will consult extensively before ending subsidies on Premium Motor Spirit, also known as gasoline.
According to the most recent pricing template for the product, the NNPC could spend N 102.96 billion on petrol subsidies this month.
NNPC
According to our correspondent’s findings, Nigeria consumes approximately 57.44 million litres of petrol per day, with an ex-depot rate of N 206.42 per litre.
NNPC
However, the NNPC sells the product at an ex-depot price of N 148.6 per litre and has confirmed that this price will be retained for the remainder of the month, resulting in a subsidy of N 57.82 per litre of petrol consumed in Nigeria.
Read Also: NNPC Breaks Silence On Hiking Petrol Price In March
Kennie Obateru, the corporation’s Group General Manager, Group Public Relations Division, said it depended on the government’s meeting with labor unions.
“The government does not solely rely on economics to make decisions,” he said. As a consequence, the government is not expected to cause hardship on the people.
Kennie Obateru, NNPC
“And this is why the government needs to hold a large consultation with all interested parties in order to reach an agreement, and we expect that agreement to be reached soon. ”
The meeting with labor, which had been scheduled for February, had apparently been postponed until March.
Obateru also stated that the NNPC would not raise petrol prices in March in order to avoid jeopardizing ongoing talks between the government and organized labor over fuel prices.
NNPC has been the sole importer of petrol into Nigeria for more than three years.
Petroleum Products Pricing Regulatory Agency, a Federal Government agency, released the planned new lower and upper prices for petrol at retail outlets in March 2021 on Thursday, placing the rates between N 209.61 per litre and N 212.61 per litre.
It also set the month’s ex-depot petrol price at N 206.42 per litre and the estimated landing cost at N 189.61 per litre.
PPPRA is the regulator of the downstream oil sector.
It yanked Thursday’s blueprint for gasoline, explaining that the previously reported guiding price did not translate into a pump price increase amid market realities.
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