…as Kaduna refinery begins production today
Following the new template that the Nigerian National Petroleum Corporation (NNPC) is working out with the the Petroleum Product Pricing Regulatory Agency (PPPRA), premium motor spirit (PMS), popularly called petrol, may sell for less thant N87 per litre next year.
Addressing journalists on the new framework in Abuja yesterday, the corporation’s Group General Manager, Corporate Planning and Strategy, Bello Rabiu, said that as at Thursday, the cost of bringing one litre of petrol to the country was N65. The logistics for bringing it to the depot and to the filling stations, he said, is about N10.55. The distribution cost is N15.49 while the open market as at today is N91.52/litre.
Continuing, Rabiu said: “Now, if you take away N87, which is regulated price, it means that subsidy is basically N4.85. If we are consuming 41 million litres, it means we are subsidizing N200 million a day.”
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