The Group General Manager, Group Public Affairs Division, Nigerian National Petroleum Company (NNPC) Limited, Garba Muhammad, has said Premium Motor Spirit (petrol) will be selling for N462 per litre without subsidy.
Muhammad disclosed that the government was offsetting the cost by N297 per litre for the 68 million litres of petrol consumed daily. He made this known in a statement on Sunday.
There had been disagreement between the Nigerian Customs Service (NCS) and the NNPC Limited over the volume of PMS consumed daily, with the NCS stating that the NNPC can’t justify the over N6.34 trillion in annual subsidy payments made on the product.
The Customs Comptroller-General, Col. Hameed Ali (retd.), told the House of Representatives Committee on Finance that NNPC supplies more than 38 million litres of PMS per day and that the NNPC cannot scientifically back up its claim of a 98 million litres/day consumption rate.
Defending the position of NNPC, Muhammad said over 16.46 billion litres of petrol were imported into Nigeria between January and August 2022, with a daily average of 68 million litres per day.
“The NNPC Ltd notes the average daily evacuation (Depot truck out) from January to August 2022 stands at 67 million litres per day as reported by the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA). Daily Evacuation (Depot loadouts) records of the NMDPRA do carry daily oscillation ranging from as low as 4 million litres to as high as 100 million litres per day”, he disclosed.
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