The amount of Premium Motor Spirit, often known as gasoline, that is consumed each day has increased to 80 million liters, bringing the anticipated monthly subsidy to N484 billion.
In total, 558.83 million liters of gasoline were evacuated between March 4 and 10, 2023, according to an examination of PMS weekly evacuation/dispatch statistics.
This translates to an average daily consumption of 79.83. According to Mele Kyari, Group Chief Executive of NNPCL, the firm spends approximately N202 for each litre of PMS used nationwide.
The official exchange rate has been roughly N460/$, while the price of crude oil has been around $83/barrel. The main factors of the cost of refined petroleum products are the price of crude oil and the value of the dollar.