THE Nigerian National Petroleum Company Limited (NNPCLtd) has disclosed it paid a subsidy of N297 per litre on 68 million litres of petrol daily from January to August, 2022.
The company revealed the figures in a statement issued yesterday by its official spokesperson, Garbadeen Muhammad.
Muhammad, giving a breakdown of the figures, stated that the average second quarter international market landing cost of petrol was $1,283 per metric tonne, while the approved marketing and distribution cost was N46 per litre.
According to him, the combination of several cost elements translated to a retail pump price of N462 per litre and an average subsidy of N297 per litre.
He noted further that the average daily evacuation (depot truck out) from January to August 2022 was 67 million litres per day, as reported by the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA).
The company explained that rising crude prices and petrol supply cost above the NMDPRA cap had forced…
