Payment of fuel subsidy has returned as international crude oil market price has pushed the price of Premium Motor Spirit (PMS) landing cost to N160 per litre.
GIOTV learnt yesterday in Abuja that the while the landing cost was N160 as at Thursday, morning the open market price has also jumped to N183 per litre.
The open market price is the expected price at the pump stations. The additional N23 is the Petroleum Products Pricing Regulatory Agency (PPPRA) pricing template component.
With payment of additional N23 as contained in the PPPRA pricing template and national consumption figure of about 50 million litres daily, the Federal Government now offsets about N1.1 billion on consumption of petrol in the country daily if the situation remains the same going forward.
Meanwhile, a source in the petroleum industry has called for the establishment of a special account in the Central Bank of Nigeria (CBN) for the importation of petroleum products.
He argued that such a special fund would make foreign exchange readily available to marketers that want to import the product as a smart move of breaking the state monopoly the Nigerian National Petroleum Corporation (NNPC) has assumed.
It is a verifiable fact that the Honorable. Minister for Science and Technology, Chief. Engr.…
Two months after inferno ravaged the popularly GSM village in Lokoja, the Kogi State capital,…
A police operative attached to Otuocha Area Command, Anambra East Local Government Area of…
Many residents of the Federal Capital Territory, FCT, say they are finding it difficult to…
Following an investigative hearing on the $2 billion renewable energy grants and investments in Nigeria,…
Justice Obiora Egwuatu of the Federal High Court in Abuja has granted bail of N10…
This website uses cookies.