Tinubu Administration Subsidizing Petrol At N300 Per Liter

Former President of the Society of Petroleum Engineers, Joe Uwakwue, has revealed that President Bola Tinubu’s government continues to subsidize petrol despite its public announcement in May 2023 that the subsidy had been abolished....READ FULL ARTICLE

Uwakwue explained that the landing cost of petrol at $950 per ton, plus a premium of $10, would require Nigerians to pay approximately N925 per liter at the pump. However, the current pump price ranges from N600 to N750 per liter, indicating a subsidy of over N300 per liter.

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According to Uwakwue, the Nigerian government and the Nigerian National Petroleum Company Limited (NNPCL), the sole importer of fuel, are covering the price difference. He estimated the subsidy at “probably N310 per liter.”

When asked about the source of funds for the subsidy, Uwakwue stated that it was not from consumers but rather from the government and NNPCL.

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He emphasized that the landing cost, distribution expenses, and the need to avoid losses justify a pump price of at least N900 per liter....READ FULL ARTICLE

 

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