Petrol Would Cost ₦462/Litre If Not For Subsidy – NNPCL

Petrol Will Cost ₦462/Litre Without Subsidy, Says NNPCL
Fuel Pump

The Nigerian National Petroleum Company Limited (NNPCL) has revealed that Premium Motor Spirit (PMS) will cost consumers N462 per litre without the Federal Government’s subsidy.

This was revealed in a statement by the NNPCL Group General Manager, Group Public Affairs Division Mr. Garba Deen Muhammad on Sunday.

“The NNPC Ltd notes the average daily evacuation (Depot truck out) from January to August 2022 stands at 67million litres per day as reported by the Nigerian Midstream and Downstream Petroleum Regulatory Authority, NMDPRA. Daily Evacuation (Depot loadouts) records of the NMDPRA do carry daily oscillation ranging from as low as 4 million litres to as high as 100 million litres per day, ” the statement read.

Also Read: Petrol Subsidy Costs N18.39bn Daily – Finance Minister

It added that the “rising crude oil prices and PMS supply costs above PPPRA (now NMDPRA) cap had forced oil marketing companies’ (OMCs) withdrawal from PMS import since the fourth quarter of 2017.

“In the light of these challenges, NNPC has remained the supplier of last resort and continues to transparently report the monthly PMS cost under-recoveries to the relevant authorities.”

Petrol Will Cost ₦462/Litre Without Subsidy, Says NNPCL