The amount spent as subsidy by the Federal Government on every litre of Premium Motor Spirit, popularly called petrol, consumed in Nigeria is currently above N600, oil sector operators stated on Sunday.
Also, the latest PMS evacuation data obtained from the Nigerian National Petroleum Company Limited on Sunday showed that the year-to-date daily consumption of petrol in Nigeria was 66.8 million litres.
Going by the above figure from the NNPC, it, therefore, implies that the Federal Government spends about N40.1bn daily when subsidising every litre of petrol consumed in Nigeria by at least N600. This also means that the government is spending about N1.243tn on fuel subsidy every month
Oil marketers told our correspondent that the cost of petrol (if not subsidised as done in Nigeria) was often higher than the cost of Automotive Gas Oil, popularly known as diesel.
