By using this site, you agree to the Privacy Policy and Terms & Conditions.
Accept
Okay.ngOkay.ngOkay.ng
Font ResizerAa
  • News
    • Politics
  • Entertainment
  • Business & Economy
  • Sport
  • Tech
Reading: Nigerian Government Now Collects N8/Litre ‘Subsidy Fee’ From Oil Marketers – PPPRA
Share
Font ResizerAa
Okay.ngOkay.ng
  • News
  • Entertainment
  • Business & Economy
  • Sport
  • Tech
Search
  • News
    • Politics
  • Entertainment
  • Business & Economy
  • Sport
  • Tech
Follow US
  • About Okay.ng
  • Advertising on Okay.ng
  • Contact Okay.ng
  • Careers
  • Meet the Team behind Okay.ng
  • Ownership and Funding of Okay.ng
  • Editorial Principles at Okay.ng
© OKN MEDIA PUBLISHING 2022 - All rights reserved
News

Nigerian Government Now Collects N8/Litre ‘Subsidy Fee’ From Oil Marketers – PPPRA

Farouk Mohammed
By Farouk Mohammed
Published: February 22, 2016
Share
2 Min Read
SHARE

petrol-fuel-oil-11-1-1-1-1-1

The Nigerian government will start collecting N8 per litre as subsidy on petrol imported by NNPC and other marketers, the Petroleum Products Pricing Regulatory Agency (PPPRA) has said.

According Alhaji Farouk Ahmed, outgoing Executive Secretary of the Agency, stated this recently. He is among the heads of government agencies that were disengaged and asked to hand over to most senior directors in the office.

“The subsidy as at today came down to minus N8 per litre for PMS. What I mean by minus N8 is that government now will collect N8 for every litre imported by NNPC and marketers as against payment to marketers and NNPC,’’ he said.

- Advertisement -

He said that at the close of work on Feb. 16, the subsidy on petrol was N13.81k, adding that the landing cost was lower than the selling price by N13.81k. According to him, it translates to what is called over recovery.

Ahmed said that an Over Recovery Account had been opened with the Central Bank of Nigeria on Feb. 3 and would be managed by the Office of the Accountant General of the Federation.

He said currently, about N2.6 billion had been lodged into the account with the December importation by NNPC and the marketers.

“This is just the beginning because some of products just arrived in December; that’s why the subsidy over recovery is low. “But for those cargo that are loaded in January for example, we want the over recovery to start manifesting; then by calculation, we will begin to know what the price will be for marketers and NNPC respectively,’’ he said.

- Advertisement -

Stay Updated on the Go with Our Latest News—Join Our WhatsApp Channel Now!
TAGGED:Oil MarketersPPPRASubsidy Fee
Share This Article
Facebook Whatsapp Whatsapp Telegram Email Copy Link Print
ByFarouk Mohammed
Publisher
Follow:
Farouk Mohammed is a Head Editor at Okay Nigeria (Okay.ng). He has been publishing for 10 years and focused more on Local/World News on Okay.ng
Previous Article PDP Elders Give 7 Good Reasons Why Ali Modu Sheriff Should Resign
Next Article Osun State Government Begins Verification Of Workers

Connect with Okay on Social

FacebookLike
XFollow
InstagramFollow
TelegramFollow

Dollar/Naira Rates

Dollar to Naira Exchange Rate

Okay.ng Logo
Buy Rate ₦1,605.00
Sell Rate ₦1,620.00

Last updated: 15 hours ago (June 3, 2025 2:33 pm)

Displayed rates are for informational purposes only and are subject to change.

USD/NGN Converter

- Advertisement -
- Advertisement -
Ad imageAd image
- Advertisement -
Ad imageAd image

Recent Posts

Regina Daniels Slams Angela Okorie Over Claims About Mercy Johnson’s Health
Celebrities
Tinubu Honours Bill Gates with CFR Award [Photos]
News
BREAKING: President Tinubu Holds Pivotal Meeting with Suspended Rivers Governor Fubara in Lagos
News Top stories
President Tinubu Orders Immediate Repair of Flood-Damaged Bridge in Mokwa, Niger State
News
Tony Elumelu
Tony Elumelu Boosts UBA Stake with N43.91 Billion Share Acquisition
News
- Advertisement -
Ad imageAd image

You May Also Like

News

Man Falls from 26-Storey Cocoa House in Ibadan, Oyo State

Oluwadara Akingbohungbe
Oluwadara Akingbohungbe
June 3, 2025
News

Women Rally in Benue’s Apa LGA to Demand End to Deadly Attacks

Oluwadara Akingbohungbe
Oluwadara Akingbohungbe
June 3, 2025
News

Lagos State Enforces ₦250,000 Fine and Jail Term for Illegal Waste Disposal Offenders

Oluwadara Akingbohungbe
Oluwadara Akingbohungbe
June 3, 2025
Okay.ngOkay.ng
Follow US
© OKN MEDIA PUBLISHING 2025 - All rights reserved
  • About Okay.ng
  • Advertising on Okay.ng
  • Contact Okay.ng
  • Careers
  • Meet the Team behind Okay.ng
  • Ownership and Funding of Okay.ng
  • Editorial Principles at Okay.ng
adbanner
Welcome Back!

Sign in to your account

Username or Email Address
Password

Lost your password?