Fuel Subsidy Payment Drops From N11.38 To N4.48 Per Litre

Fuel Subsidy Payment Drops From N11.38 To N4.48 Per Litre

LAGOS — Following the continuous decline in the prices of crude oil in the international market, the amount the Federal Government is paying on subsidy for Premium Motor Spirit, PMS, has dropped to N4.48 per litre.

This came as the Nigerian National Petroleum Corporation, NNPC, assured Nigerians that the ongoing strike embarked upon by members of the Petroleum and Natural Gas Senior Staff Association of Nigeria, PENGASSAN, and the National Union of Petroleum and Natural Gas Workers, NUPENG, will not disrupt the supply of petroleum products to members of the public.

The Petroleum Products Pricing Regulatory Agency (PPPRA), in a document obtained from its website, yesterday, puts the market price of PMS at N101.48 per litre, as at December 12, 2014, compared to N108.38 per litre as at December 9, 2014.

According to the PPPRA, the Expected Open Market (EOMP) of fuel is N101.48; Landing Cost -N98.15; Ex-Depot price is N81.51 per litre, while the regulated price is N97 per litre.

The assurance by the NNPC is against the backdrop of long queue of vehicles that resurfaced at most filling stations in the Federal Capital Territory, FCT, and its environs yesterday on account of the strike announced by the unions.

Vanguard