NNPC Incurs N42.59/Litre As Under-recovery Between November 21 and 25

The Nigeria National Petroleum Corporation would record a daily loss of N42.59 on every litre of petrol it sold between November 21 and 25.

This is according to an analysis by PUNCH on the difference between the open market price of a litre of Premium Motor Spirit and the corporation’s X-depot price of N133.28

Data the paper obtained from the Petroleum Product Pricing regulatory Agency shows that the price Nigerians should have paid for a litre of petrol if there was no subsidy on November 21 would have been N178.92— a difference of N45.64.

According to the PPPRA, the price came down to N172.81 on Monday, which led to the sole importer of petrol in Nigeria – NNPC, picking up a bill of N39.53 on every litre of petrol sold to Nigerians.

The average of the bill picked up by the state-owned firm on both prices, equates to N42.59 per litre, which the Federal Government appears not to have budgeted for in the 2019/2020 fiscal year.

Pressured by the eighth National Assembly, forced the FG to put in $1bn or N305bn to subsidise the price of petrol – a figure it exceeded by over N200bn.