₦airaland Forum

The Federal Government’s daily spending on petrol subsidy may have dropped from the N2.4 billion it recorded in June to N1.07 billion as at Monday last week, The Guardianreports.
Specifically, the country’s daily subsidy per litre of fuel has decreased from the N51.61per litre it recorded on June 11 to N22.42 per litre.
The Petroleum Products Pricing Regulatory Agency (PPPRA), which made this disclosure on Monday in its pricing template , put the expected open market price of the product at N109.42.
Based on daily petrol consumption of 48 million litres, the total subsidy cost on the product as of September 7, would amount to N1.07 billion at N22.42 per litre.
The landing cost of Premium Motor Spirit (PMS), otherwise known as petrol, has also dropped from N123.12 per litre to N93.93, while the Expected Open Market Price declined from N138.61 per litre to N109.42 per litre.

alaoeri:
PMB is working wailers are wailing , the chief protection seeker is back & will soon write an epistle against this.

Based on daily petrol consumption of 48 million litres, the total subsidy cost on the product as of September 7, would amount to N1.07 billion at N22.42 per litre.

Agimor:
The wailers association won't like the news!

ascek:
Going by this news ,it means all along there is a phenomenon called subsidy . Mr President once said he doesn't know anything called subsidy. Meanwhile in one interview prof Tam David West said subsidy is a scam. Now it is clear that subsidy is real.

More so it is clear that the reduction in subsidy amount payment is not primarily because of corruption but because the landing cost of petrol due to crude oil price fall.
This information is good.

bettercreature:
Can someone tell PMB to start working on infrastructural projects or where is he keeping all the money he has been saving since May 29

The Petroleum Products Pricing Regulatory Agency (PPPRA), which made this disclosure on Monday in its pricing template , put the expected open market price of the product at N109.42.