Between January and June this year, the subsidy translated to about N900 billion. While the nation’s daily fuel consumption level stood at about 60 million litres in January, the corporation said the trend later rose 102 million litres. xAs much as 35 per cent of petrol marketers, especially the independent marketers, have already shut down their facilities, as bank funding dims on the backdrop of poor loan repayment arrangement. While the price of crude was at record low then, government reduced the pump price, but as the situation improved at the international market, pricing gradually went up, leading to a backlash from the public. Without budgetary allocation, NNPC began to cover the differentials arising landing cost and pump price.

Source: The Guardian July 01, 2021 04:41 UTC