THE N744 million under recovery or fuel subsidy currently incurred by Nigerian National Petroleum Corporation, NNPC, is set to drop as the landing cost has already fallen from N171 per litre to N166 per litre.
Petroleum Products Pricing Regulatory Agency, PPPRA, with the responsibility to publish template targeted at guiding investors and users of petroleum products as well as the general public, has not made its data public for several months.
But investigation by Vanguard in Apapa, Lagos, where imported petroleum products are stored before they are lifted to other parts of Nigeria, showed that the landing cost, which previously stood at N171 per litre, dropped a few days ago as a result of the fall in oil price from $70 to $66 per barrel in the international market.
Consequently, Vanguard gathered that the total cost of imported fuel, including marketer’s margin, insurance, storage and distribution has fallen from N185 to N180 per litre.
Vanguard, March 6, 2018
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