{"id":807,"date":"2018-06-19T17:08:00","date_gmt":"2018-06-19T17:08:00","guid":{"rendered":"http:\/\/thefreezoneblog.com\/blog\/2018\/06\/19\/fuel-subsidy-hits-n24bn-daily\/"},"modified":"2018-06-19T17:08:00","modified_gmt":"2018-06-19T17:08:00","slug":"fuel-subsidy-hits-n24bn-daily","status":"publish","type":"post","link":"https:\/\/thefreezonechannel.com\/old\/fuel-subsidy-hits-n24bn-daily\/","title":{"rendered":"Fuel subsidy hits N2.4bn daily"},"content":{"rendered":"
\n<\/a><\/div>\n
\n<\/div>\n
\nNigeria may be losing
\nthe gains of increases in the international oil prices as the Federal
\nGovernment subsidy on fuel has risen to N2.4 billion daily in May, from
\nN774 million in March, 2018, also as a result of the high price of crude
\n oil in the international market.<\/div>\n
\nADVERTISING
\nfuel marketers
\nfuel-pump
\nUnlike in March, this year, when the price of crude oil hovered at $66
\nper barrel, it had hovered between $75 and $80 per barrel since last
\nmonth, thus pushing up landing cost of the refined product in the
\ndomestic markets for finished product importers like Nigeria.  <\/div>\n
\nThe Petroleum Products Pricing
\nRegulatory Agency, PPPRA, stated that without the government subsidy,
\nthe price of petrol could have been as high as N205 per litre in the
\ndomestic market.
\nAccording to PPPRA, the price of the commodity appreciated by 8.47 per
\ncent from N189 per litre recorded in April 25, 2018 to N205 per litre as
\n at May 16, 2018.
\nThe PPPRA report disclosed that during the week under reference, between
\n May 11 and May 16, 2018, oil prices continued to soar, stating that the
\n average price for Brent Dated was $77.92 per barrel; Nigeria\u2019s Bonny
\nLight was $78.08 while West Texas Intermediate, WTI, was $60.27 per
\nbarrel.
\nPrice of petrol is still fixed at a maximum of N145 per litre, meaning
\nthat the NNPC is currently paying N60 as under recovery for a litre of
\nthe commodity.<\/div>\n
\nThe Group General Manager, Group
\nPublic Affairs Division of the NNPC, Mr. Ndu Ughamadu said: \u201cThe
\nexplanation is simple. The higher the price of crude oil the higher the
\nprice of petroleum products in the international market. It should also
\nbe noted that this has also impacted on the landing cost, and by
\nextension our under recovery.\u201d<\/div>\n
\nThe situation in Nigeria is worsened by smuggling,
\nas NNPC is now forced to subsidize the product for neighboring
\ncountries.
\nGroup Managing Director of the NNPC, Dr Maikanti Baru who led top
\nmanagement team of the corporation to visit Comptroller-General of
\nNigeria Customs Service, Col. Hameed Ali (retd), recently, had blamed
\nthe increase in fuel consumption on massive smuggling of petroleum
\nproducts to neighbouring countries.
\nBaru had also raised an alarm on the proliferation of fuel stations in
\ncommunities with international land and coastal borders across the
\ncountry, insisting that the development had energized unprecedented
\ncross-border smuggling of petrol to neighbouring countries, making it
\ndifficult to sanitise the fuel supply and distribution matrix in the
\ncountry.<\/div>\n
\nHe had revealed that detailed study conducted by the NNPC indicated
\nstrong correlation between the presence of the frontier stations and the
\n activities of fuel smuggling syndicates.
\nProviding a detailed presentation of the findings, the NNPC boss had
\nnoted that 16 states, having among them 61 local government areas with
\nborder communities, account for 2,201 registered fuel stations.
\nHe had said: \u201cNNPC is concerned that continued cross-border smuggling of
\n petrol will deny Nigerians the benefit of the Federal Government\u2019s
\nbenevolence of keeping a fix retail price of N145 per litre, despite the
\n increase in PMS open market price above N171 per litre.\u201d<\/div>\n
\n
\nResponding,
\nCustoms\u2019 Comptroller-General had said the service would work with the
\nNNPC to stem the tide of cross-border smuggling of petroleum products,
\nnoting that all hands must be on deck to ensure the economic survival of
\n the country.<\/div>\n
\n<\/div>\n
\n<\/div>\n<\/div>\n

<\/p>\n

\n<\/div>\n","protected":false},"excerpt":{"rendered":"

Nigeria may be losing the gains of increases in the international oil prices as the Federal Government subsidy on fuel has risen to N2.4 billion daily in May, from N774 million in March, 2018, also as a result of the high price of crude oil in the international market. ADVERTISING fuel marketers fuel-pump Unlike in […]<\/p>\n","protected":false},"author":1,"featured_media":2349,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[85],"class_list":["post-807","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-uncategorized","tag-oil-and-gas","has-post-title","has-post-date","has-post-category","has-post-tag","has-post-comment","has-post-author",""],"yoast_head":"\nFuel subsidy hits N2.4bn daily - The Freezone Channel<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/thefreezonechannel.com\/old\/fuel-subsidy-hits-n24bn-daily\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Fuel subsidy hits N2.4bn daily - The Freezone Channel\" \/>\n<meta property=\"og:description\" content=\"Nigeria may be losing the gains of increases in the international oil prices as the Federal Government subsidy on fuel has risen to N2.4 billion daily in May, from N774 million in March, 2018, also as a result of the high price of crude oil in the international market. 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