Oil and Gas Daily subsidy on petrol rises to N1.7bn

This is as against the subsidy payment of N2.84 per litre which was recorded as at January 21, 2015.

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Nigeria's Finance Minister, Dr. Ngozi Okonjo-Iweala play

Nigeria's Finance Minister, Dr. Ngozi Okonjo-Iweala

(Cphcn)
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The daily subsidy on petrol in Nigeria has risen to N43.25 per litre, according to the Petroleum Products Pricing Regulatory Agency (PPRA).

This is as against the subsidy payment of N2.84 per litre which was recorded as at January 21, 2015.

According to the PPPRA, petrol was estimated to start selling at an Expected Open Market Price of N130.25 per litre from April 28, 2015.

Based on these figures and Nigeria’s daily consumption of 40 million litres of petrol, the total subsidy cost as of Tuesday, April 28 amounts to N1.73bn at N43.25 per litre.

Oil marketers in the country are currently at war with the Federal Government following non-payment of previous subsidy debt owed them.

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