FG receives N8 per litre on imported PMS – PPPRA

-The petroleum products pricing regulatory agency (PPPRA) has said that the federal government would be receiving N8 per litre as subsidy on petrol imported into the country -The outgoing executive secretary of the PPPRA, Farouk Ahmed stated that an over recovery account had been opened with the Central Bank of Nigeria (CBN)

The petroleum products pricing regulatory agency (PPPRA) has said that the federal government would be receiving N8 per litre as subsidy on petrol imported by Nigerian National Petroleum Corporation (NNPC) and other marketers. The outgoing executive secretary of the agency, Farouk Ahmed, disclosed this at his handing over ceremony recently in Abuja. Recall that Farouk Ahmed was among the heads of agencies sacked by federal government on Monday, February 15 “The subsidy as at today came down to minus N8 per litre for premium motor spirit (PMS). What I mean by minus N8 is that government now will collect N8 for every litre imported by NNPC and marketers as against payment to marketers and NNPC.”

“This is just the beginning because some of products just arrived in December; that’s why the subsidy over recovery is low. But for those cargo that are loaded in January for example, we want the over recovery to start manifesting; then by calculation, we will begin to know what the price will be for marketers and NNPC respectively,’’ he said.