Monday, November 28, 2022

Without subsidy, petrol will cost N462 per litre: NNPC

This revelation comes in the wake of attempts by the President Buhari regime to remove petroleum subsidy.

• September 4, 2022
Mele Kyari and NNPC new logo
Mele Kyari and NNPC

Without federal government’s subsidy on premium motor spirit (PMS), the pump price of the fuel who have been costing consumers N462 per litre, the Nigerian National Petroleum Company Limited (NNPCL) has said.

In a statement issued on Sunday, Garba Deen Muhammad, the spokesman of the company, stated that President Muhammadu Buhari’s administration is currently paying N297 per litre for the 68 million litres of fuel consumed daily.

“NNPC limited also notes the average Q2, 2022 international market determined landing cost was US$1,283/MT and the approved marketing and distribution cost of A46/litre. The combination of these cost elements translates to retail pump price of N462/litre and an average subsidy of N297/litre and an annual estimate of N6.5 trillion,” the statement partly read.

This revelation comes in the wake of attempts by the President Buhari regime to remove petroleum subsidy.

Last November, Mr Buhari’s regime said it would remove fuel subsidy by June this year and provide “deserving” Nigerians with a N5,000 monthly transport allowance, which the NLC described as “comical.”

Last March, however, the regime suspended the subsidy removal due to pushback from citizens and to avoid consequences in the 2023 general elections. 

The Minister of Finance, Zainab Ahmed, in August disclosed that President Muhammadu Buhari has set June 2023 as the date for the removal of fuel subsidy.

Mr Buhari’s new deadline for removing fuel subsidy will be a month after he hands over to his successor in May 2023, leaving the new leader to deal with any backlash and commotion that may follow the decision.

We have recently deactivated our website's comment provider in favour of other channels of distribution and commentary. We encourage you to join the conversation on our stories via our Facebook, Twitter and other social media pages.

More from Peoples Gazette



NDLEA seizes 5.8 tons of skunk, cannabis in 5 states

Mr Babafemi said among those arrested was a cripple, Ibrahim Yusuf, 45, in possession of 4kg of the psychotropic substance.



Troops eliminate four bandits in clearance operations in Kaduna

Mr Aruwan the troops recovered one AK47 rifle, one magazine with 22 rounds of ammunition and a motorcycle.

Babagana Umara Zulum


2023: Zulum charges APC not to allow opposition to win

Mr Zulum stated this on Sunday in Maiduguri while inaugurating the 887-member APC Campaign Council in the state.

Ademola Adeleke

Hot news Home top

Gov. Adeleke appoints chief of staff, SSG, spokesman 

The governor announced the appointment of Teslim Igbalaye as the Secretary to the State Government (SSG).

Taiwo Omotunde

Heading 2

Electronic voting will ensure peaceful elections: PMAN

Mr Omotunde said the electronic voting system would allow the will of the people to prevail in the choices of who becomes their leader.