The President, Petroleum Products Retail Outlets owners Association of Nigeria, Billy Gillis-Harry has disclosed that Premium Motor Spirit popularly known as petrol would have been selling at between N500 and N600 per litre if the government was not subsidizing it.
Following the recent fuel scarcity that rocked the country, the present pump price of petrol in Nigeria goes for between N162 to N170/litre.
Oil marketers, on their part, noted that the actual cost of PMS in the country could have been far higher or about the same price of diesel had it been PMS was deregulated.
Reports say that the Nigerian National Petroleum Company Limited data sighted by newsmen on Wednesday in Abuja showed that the amount spent on fuel subsidy grew from January to April 2022.
Oil and gas sector operators, and other stakeholders, noted that the continued rise in the amount spent on subsidizing petrol is becoming worrisome.
According to the data, fuel subsidy jumped to N947.51bn between January and April 2022.
It was also gathered that the oil firm had informed the Federation Account Allocation Committee that it would deduct an estimated value shortfall of N874.5bn in May 2022 and proceed due for sharing at the June 2022 FAAC meeting.