The pump price of petrol has remained at between N162 and N165 per litre at many filling stations in Lagos since December. The price of crude oil, which accounts for a large chunk of the final cost of petrol, closed at $65.98 per barrel last week. Based on the PPPRA template, the expected pump price of the product stood at N239.31 per litre as of April 16. The expected retail price of N239.31 per litre and the current pump price of N162 per litre indicate a subsidy of N77.31 per litre. With daily petrol consumption put at about 60 million litres by the NNPC and a subsidy of N77.31 per litre, daily subsidy amounts to N4.64bn.

Source: Punch April 20, 2021 23:26 UTC