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Nairaland Forum / Nairaland / General / Politics / FG Confirms Return Of Subsidy, PPPRA Puts Fuel Price At N212.61 (645 Views)
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FG Confirms Return Of Subsidy, PPPRA Puts Fuel Price At N212.61 by TheRareGem1(f): 7:15am On Mar 12, 2021 |
The Federal Government has officially confirmed the return of fuel subsidy, as the Petroleum Products Pricing Regulatory Agency, PPPRA, yesterday, fixed the pump price of Premium Motor Spirit, PMS, also known as petrol, at N212.61 per litre, for the month of March. The new price, according to the PPPRA’s PMS guiding price, released to stakeholders, is supposed to commence from March 1st and run till March 31st, 2021. However, the fact that the price of the commodity is still been sold at an average of N170 in petrol stations across the country, meant that the Federal Government, through the Nigerian National Petroleum Corporation, NNPC is spending an average of N42 to subsidise a litre of the commodity for Nigerians. The PPPRA confirmed that fuel subsidy actually officially returned in February 2021, as according to the downstream oil sector regulator, the actual pump price of PMS for February was between N183.74 and N186.74 per litre, meaning that the Federal Government paid an average of N16 per litre for PMS in the month. However, in January 2021, the PPPRA disclosed that the price of the commodity was between N163.36 per litre and N166.36 per litre According to the PPPRA, based on the average cost for the period, February 1st to 28th 2021, and an average FMDQ Importer and Exporter (I&E) Naira/US Dollar Exchange Rate of N403.80, the expected retail price of PMS for March 2021, stands at N209.61 per litre and N212.61 per litre, being the lower and upper band respectively. Giving a breakdown of the cost elements of the commodity, the PPPRA put the Expected Ex-Coastal price at N175.73 per litre, comprising Average gasoline price (FOB Rotterdam barge), and Average freight rate of N169.22 and N6.51 per litre respectively. It also put the Expected Landing Cost of the commodity at N189.61 per litre, comprising the addition to the ex-coastal price, of average lightering expenses, Nigeria Port Authority Charges, NIMASA charges, jetty throughput charges, storage charge and average financing cost of N4.81, N2.49, N0.23, N1.61, N2.58 and N2.17 per litre, respectively. Furthermore, the addition of the wholesalers margin of N4.03 per litre; administrative charge of N1.23 per litre; transporters’ allowance of N3.89 per litre; bridging fund of N7.51 per litre and Marine Transport Average of N0.15, brings the expected ex-depot price, that is the price at which the commodity is sold to petrol stations, to N206.42 per litre. The PPPRA further stated that the inclusion of retailers’ margin of about N6.19 per litre, would bring the pump price of the commodity, the price at which it is sold to motorists, to N212.61 per litre. https://www.vanguardngr.com/2021/03/fg-confirms-return-of-subsidy-pppra-puts-fuel-price-at-n212-61/ |
Re: FG Confirms Return Of Subsidy, PPPRA Puts Fuel Price At N212.61 by ShackWes(f): 7:16am On Mar 12, 2021 |
Gege And 2023 still far o Zombs how market? U guys still waiting for #50 / ltr. |
Re: FG Confirms Return Of Subsidy, PPPRA Puts Fuel Price At N212.61 by titikariba: 7:23am On Mar 12, 2021 |
Buhari don't kill us please |
Re: FG Confirms Return Of Subsidy, PPPRA Puts Fuel Price At N212.61 by jlinkd78(m): 7:24am On Mar 12, 2021 |
Buhari has destroyed d economy |
Re: FG Confirms Return Of Subsidy, PPPRA Puts Fuel Price At N212.61 by IPOBTERRORISTS(f): 7:27am On Mar 12, 2021 |
Awesome |
Re: FG Confirms Return Of Subsidy, PPPRA Puts Fuel Price At N212.61 by CodeTemplar: 7:44am On Mar 12, 2021 |
Lol. . . |
Re: FG Confirms Return Of Subsidy, PPPRA Puts Fuel Price At N212.61 by Formularcr7: 7:47am On Mar 12, 2021 |
That's not the solution sir,fix our refinary |
Re: FG Confirms Return Of Subsidy, PPPRA Puts Fuel Price At N212.61 by Maxymilliano(m): 7:49am On Mar 12, 2021 |
The government is just bent on inflicting more hardship on the masses. What exactly is our offence |
Re: FG Confirms Return Of Subsidy, PPPRA Puts Fuel Price At N212.61 by Nobody: 7:53am On Mar 12, 2021 |
All this jargons just to justify the increase
Nigeria is in for a deep shit |
Re: FG Confirms Return Of Subsidy, PPPRA Puts Fuel Price At N212.61 by arejibadz(m): 8:09am On Mar 12, 2021 |
Hehe carry your bmc id card so you go get@ 87/lit |
Re: FG Confirms Return Of Subsidy, PPPRA Puts Fuel Price At N212.61 by Okoroawusa: 8:14am On Mar 12, 2021 |
I Love PMB |
Re: FG Confirms Return Of Subsidy, PPPRA Puts Fuel Price At N212.61 by ShackWes(f): 8:30am On Mar 12, 2021 |
Re: FG Confirms Return Of Subsidy, PPPRA Puts Fuel Price At N212.61 by lamentor78(m): 8:53am On Mar 12, 2021 |
This demon will push fuel to 275-300 per litre before leaving office |
Re: FG Confirms Return Of Subsidy, PPPRA Puts Fuel Price At N212.61 by id4sho(m): 9:26am On Mar 12, 2021 |
fuel stations in jos closing in anticipation of dispense increase.
This government should subsidized joor |
Re: FG Confirms Return Of Subsidy, PPPRA Puts Fuel Price At N212.61 by Macphenson: 10:05am On Mar 12, 2021 |
Confused government. The vegetable in AsonRock once calimed he doesn't know what is subsidy, Tinubu led a band of Ignorant "sufferirsticated" people to protest subsidy, today APC government led by Buhari is using their destiny to play bet Naija and not even a word from them, even their elites like Tunde Bakare and Tinubu are hiding in shame. |
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