The federal government will have
to pay N40.70 for every litre of imported petrol, to ensure the retail price
remains N145 per litre.
The group managing director of
the Nigerian National Petroleum Corporation (NNPC), Maikanti Baru, revealed
this at a press conference in Abuja.
Baru stated that the landing cost
of petrol is now N171 per litre.
“The landing cost comprising CIF
(cost, insurance and freight) of petrol as of last Friday was in the
neighborhood of $620 per metric tonne, so with the official exchange rate of
N305 to the dollar, the landing cost should be N171.40 per litre,” he said.
“The government has consistently
indicated that N145 per litre is the price and it has mandated the NNPC to keep
the depot price at N133.28 per litre, so as to maintain a cap of N145 per
litre.
“So, there is a lot of profit in
between after taking the transportation cost of N7 off; there is sufficient
margin for marketers in that PPPRA template at the price cap.”
According to the Petroleum
Products Pricing Regulatory Agency (PPPRA) price template, marketers are
allowed a profit margin of N14.30 to cater for distribution costs.
Govt of cmpletely confused ppl.
ReplyDeleteWoow back to square 1
ReplyDeleteWas this not the subsidy of a thing they removed on petroleum product, well let's hope and see if it will get better this way
ReplyDeleteConfusion, confusion, confusion! Do these people realize what they are doing?
ReplyDeleteDem don start again. Preparing grounds to increase the price of fuel. Very cunny government
ReplyDeleteThey have started again!they told us to remove subsidy, we did, now they are saying there is subsidy again, seeeeeeeee Nigerians in one chance government, is Osinbajo not there????
ReplyDelete