The average daily consumption of petrol has hit 67.66 million liters, indicating an increase of 33.89 million liters when compared to daily consumption figures recorded in September 2019.
It stated on Monday that subsidy on petrol during the period was N21.22 per liter, which implied that the Nigerian National Petroleum Corporation incurred N10.1bn as subsidy during the seven-day period. The Executive Secretary, PPPRA, Abdulkadir Saidu, said the cost of the commodity at the international market averaged $582.80 per metric tonne.
According to him, the landing cost and Expected Open Market Price for petrol averaged N146.85/litre and N166.22/litre respectively for the NNPC imports only. However, Operators observed that the increase in petrol consumption would lead to an increase in the petrol subsidy, as the NNPC would spend more, being the sole importer of PMS into Nigeria. The Federal Government would spend about N750.81bn on petrol subsidy in 2020, based on data obtained from the PPPRA.