Nigerian Authorities To Spend N102.96bn On Petrol Subsidy in March

Pump Price Of Petrol To Crash Soon, Says Buhari’s Aide

The worth of petrol subsidy for the month of March is estimated to be a whopping N102.96bn that is in line with the newest pricing template for the commodity.

A publication by the Petroleum Merchandise Pricing Regulatory Agency, confirmed that the estimated petrol price vary for outlets in March 2021 between N209.61/litre – N212.61/litre.

The downstream oil sector regulator furthermore put the ex-depot price of petrol for the month at N206.42/litre and pegged the anticipated touchdown price at N189.61/litre.

The regulatory agency on Thursday withdrew a template for petrol hours after it was printed stating that the printed guiding price didn’t translate to a hike in pump price regardless of reflecting market realities.

Nonetheless, the ex-depot price licensed by Nigerian Nationwide Petroleum Agency for March was N148.6/litre and the company insisted that it had not and had no plan to extend petrol price this month.

Ex-depot price is the speed at which NNPC sells the commodity to depot owners, from the place retailers make a purchase order order order before meting out on the pumps in filling stations.

“There is no increase in petrol price and our position is that the ex-depot price for petrol in March remains the same. So, no need to panic because there is no hike in price,” NNPC’s spokesperson, Kennie Obateru, acknowledged.

NNPC is the one precise importer of petrol into Nigeria for higher than three years.

Nigeria consumes about 57.44 million litres of petrol day-to-day, going by the newest day-to-day consumption determine launched by the NNPC in its monetary and operations report.

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