The Federal Government’s daily spending on petrol subsidy has drops from the N1.07 billion it recorded as at September 8, to N412.8 million as at October 23,
According to the pricing template of the Petroleum Products Pricing Regulatory Agency (PPPRA), subsidy on a litre of fuel is N8.6k as at October 23. Fuel subsidy has been on the decline in the last two months dropping from N55 per litre in June 1st, 2015 to N14 in October, 2015.
Though, fuel is still selling at N87 per litre, the landing cost of fuel stands at N80.11 while expected open market price stands at N95.6. Based on daily petrol consumption of 48 million litres, the total subsidy cost on the product as October 23, would amount to N412.8 million at N8.6k per litre.
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