NNPC Pays N297 Per Litre Subsidy As Petrol Hits N462

The Nigerian National Petroleum Company Limited (NNPC Ltd) says it is paying N297 subsidy on every litre of Premium Motor Spirit, otherwise known as petrol, that is sold in the country.
The NNPC said the combination of various present cost elements has translated to retail pump price of N462 per litre.
It added that the subsidy payment of N297 is to make the product easily affordable to Nigerians.
The company made this known in a statement issued on Sunday, saying Nigeria consumes 68 million litres of fuel daily.
The statement read: “The Nigerian National Petroleum Company Limited (NNPC Ltd) wishes to inform members of the general public that between January and August 2022, the total volume of Premium Motor Spirit (PMS) imported into the country was 16.46 billion litres, which translates to an average supply of 68 million litres per day.
“Similarly, import in the year 2021 was 22.35 billion litres, which translated to an average supply of 61 million litres per day.
“The NNPC Ltd notes the average daily evacuation (Depot truck out) from January to August 2022 stands at 67million litres per day as reported by the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA). Daily Evacuation (Depot load outs) 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.