Tinubu Government Is Paying About N300 Per Litre As Petrol Subsidy, Says Former Petroleum Engineers Society President, Uwakwue

He said, “The numbers don’t lie. If you look at the current pump price today, it is probably N600 average. To land it (fuel) in Nigeria today at $950 per ton will require that you pay N900 at the pump, a little bit above actually.

“If you think of the premium that you pay, maybe $10, I’m assuming the lowest premium which is $10. If it is $15, the pump price will be N925. So, yes, we are paying subsidy.”

Uwakwue, who said that the Nigerian government is paying above N300 per litre as subsidy, noted that “it is probably N310 per litre.”

Asked where the government was getting the funds being used to pay subsidy from as he claimed, Uwakwue said, “Certainly not from the end user. The end user pays N600 or whatever it is and goes away.

“So, it is between the government and the sole importer, NNPCL. Between these two, they are paying the difference.

“Think about it, if the landing cost is above N800, and you add all the distribution expenses, it is reasonable to expect that if you are to sell it without a loss, it will be at least N900.”