News FG confirms return of subsidy, PPPRA pegs fuel price at N212.61

FG confirms return of subsidy, PPPRA pegs fuel price at N212.61

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The Federal Government has officially confirmed the return of fuel subsidy, as the Petroleum Products Pricing Regulatory Agency, PPPRA, yesterday, fixed the pump price of Premium Motor Spirit, PMS, also known as petrol, at N212.61 per litre, for the month of March.

The new price, according to the PPPRA’s PMS guiding price, released to stakeholders, is supposed to commence from March 1st and run till March 31st, 2021.

However, the fact that the price of the commodity is still been sold at an average of N170 in petrol stations across the country, meant that the Federal Government, through the Nigerian National Petroleum Corporation, NNPC is spending an average of N42 to subsidise a litre of the commodity for Nigerians.

The PPPRA confirmed that fuel subsidy actually officially returned in February 2021, as according to the downstream oil sector regulator, the actual pump price of PMS for February was between N183.74 and N186.74 per litre, meaning that the Federal Government paid an average of N16 per litre for PMS in the month.

However, in January 2021, the PPPRA disclosed that the price of the commodity was between N163.36 per litre and N166.36 per litre.

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