The Petroleum Products Marketing Company, a subsidiary of the Nigerian National Petroleum Corporation, has said the annual subsidy on Premium Motor Spirit will rise to N3tn if the current market realities persist.
“At $80 crude oil, 60 million litres daily consumption and N411/$1 forex, PMS under-recovery per litre will be N138/litre. Daily PMS under-recovery will be N8.3bn. Annual PMS under-recovery will escalate to N3tn,” he said.had exclusively reported on October 12 that the sharp rise in global oil prices to record highs had pushed the subsidy cost being incurred by the Federal Government to N8.28bn daily.
The Federal Government had in March 2020 removed petrol subsidy after reducing the pump price of the product to N125 per litre from N145 following the crash in oil prices.
This people in NNPC has nothing else on their brain rather than announcing negative information? Can't Kyari and his team think? This country is annoying, why must we always put round pegs in square hole.
NNPC fuel subsidy is a big fraud even in lockdown fuel subsidy was rising. NNPC fuel import is a big fraud. It benefits only the central government.
Foolish people. E rise oh. E no rise oh.. Who f**king cares.
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