₦airaland Forum

The Federal Government said it would pay
subsidy on Premium Motor Spirit from the
recoveries made in the first quarter of 2016.
This is contained in the latest Petroleum Product
Pricing Regulatory Agency (PPPRA) template
released in Abuja.
It said that between January and March, the
Federal Government was able to save about N10
billion as a result of selling the product above the
Expected Open Market Price.
According to the new template, the expected
open market price of the Premium Motor Spirit
(PMS) has risen to N99.38 per litre for
independent and major oil marketers and N98.62
per litre for NNPC retail outlets.
It added that the expected open market price
was the actual price of the product without
subsidy and it was based on the current
exchange rate of N197 to a dollar.
It said that at the current price of N86 per litre at
NNPC retail outlets, the Federal Government was
paying N12.62 per litre as subsidy on the product
and N12.88 per litre as subsidy for other oil
marketers’ price of N86.50.
A breakdown of the template revealed that for
NNPC retail outlets and independent and major oil
marketers, the Landing Cost of PMS imported into
the country was N84.32 and N85.08 per litre
respectively,
It stated that the distribution margin, which
include retailers, transportation, bridging fund
and dealers margin among others stood at
N14.30 for both the NNPC and other marketers.
According to the statement, this brings the
current Expected Open Market Price to N98.62
and N99.38 for NNPC retail outlets and other
marketers respectively. (NAN)

ganisucks:
THIS GOVERNMENT IS USELESS AND CONFUSED

ganisucks:
THIS GOVERNMENT IS USELESS AND CONFUSED

ganisucks:
THIS GOVERNMENT IS USELESS AND CONFUSED