Consumption of fuel spikes with ₦10.1 billion as subsidy - PPPRA

12/18/2019

Posted by: Jane Osuagwu

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The average daily consumption of fuel in Nigeria is now 67.66 million litres, as disclosed by the Petroleum Products Pricing Regulatory Agency. Read the details!

The Petroleum Products Pricing Regulatory Agency (PPPRA) has said that the average daily consumption of fuel in the country has now reached 67.66 million liters.

Based on the data curated for daily consumption of petrol in September, Naijauto learnt that there is a 33.89 million liters increase when compared to the current average daily consumption.

 Petroleum-Products-Pricing-Regulatory-Agency

PPPRA has disclosed that the average consumption of fuel is now 67.66 million liters

This data was curated from November 28, 2019 - December 4, 2019, showing that about 67.76 million liters of fuel were discharged on a daily basis.
While disclosing this on Monday, the PPPRA stated that the fuel subsidy was ₦21.22 per liter during the period. Meaning that during the seven-day period, NNPC obtained ₦10.1 billion as the petrol subsidy.

The Executive secretary of PPPRA, Abdulkadir Saidu, who gave further explanations regarding the price of petrol during the seven-day period said the cost of petrol in the international market is $582.80 per metric tonne.

He stated that,

"The landing cost and Expected Open Market Price for petrol averaged ₦146.85/liter and ₦166.22/liter respectively for the NNPC imports only."

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fuel-station

The fuel consumption rate in the country has increased over the last two months

The petroleum pricing regulatory agency went further to disclose that the total fuel receipt collated between November 28, 2019 - December 4, 2019, stood at 473,602 million liters.

For diesel, the total receipt was 68,366 million liters while kerosene stood at 20,327 million liters.

PMS operators are of the view that the increase in fuel consumption will also increase the petrol subsidy,as NNPC is the only importer of fuel into Nigeria.With the data gotten from PPPRA,the Federal Gvernment will spend ₦750.81 billion on fuel subsidy come 2020.

>>> See our news section for more car news updates and trends!

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Jane Osuagwu

Jane Osuagwu

Car prices

Jane Osuagwu is an automotive writer at Naijauto.com. She's a car enthusiast who loves creating educative and informative topics on cars, ranging from maintenance tips to updates on the latest trend in the auto industry in concise and friendly writing. 

Jane is also a blogger and loves reading, inspiring people and getting involved in personal development projects.

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