The Federal Government through the Nigerian National Petroleum Company Limited (NNPCL) has incurred about N535.87 billion as subsidies for Premium Motor Spirit, otherwise called petrol or fuel between January 28, 2023, and March 10, 2023, investigations by New Telegraph on Tuesday have revealed.
Findings from the Weekly National PMS Evacuation & Dispatch Report of the data from the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) NNPCL periodically posted on its website revealed that cumulatively, 2.652.83 billion litres of PMS were dispatched into the Nigerian market between January 28 and March 10, 2023.
With the estimate of N202 paid as subsidy on every litre of petrol distributed nationwide, as revealed by the Group Chief Executive Officer (GCEO) NNPCL, Mele Kyari, during the official cutover ceremony from Nigerian National Petroleum Corporation to NNPC Limited, held recently in Abuja recently, it showed that FG paid N535.87 billion for 2.652,83 billion litres of PMS.
The NMDPRA data showed the following as some of the dispatches and evacuation: 558.83m litres of PMS were dispatched from March 04 to March 10 2023, on an average daily evacuation of 79.83m litres. About 339.54 million litres of petrol were evacuated or dispatched from 25th February to 3rd March 2023 in Nigeria with an average daily evacuation of 48.5m litres and 406.64 million litres of PMS were evacuated between 18 – 24 February 2023.
An9ther 404.69 million litres of petrol were dispatched between 11-17 February 2023 and 502.21 million litres of fuel, were evacuated between February 04 – 10. It further revealed that the average daily evacuation for the week, (million litres) was 71.74 million litres.
Addotionally, 450.92 million litres of fuel were evacuated between Jan 28 to February 3 to different parts of Nigeria. 64.42 million litres of PMS were evacuated on a daily basis within the week.