By Udeme Akpan & Mike Eboh
Nigeria may be losing the gains of increases in the international oil prices as the Federal Government subsidy on fuel has risen to N2.4 billion daily in May, from N774 million in March, 2018, also as a result of the high price of crude oil in the international market.
Unlike in March, this year, when the price of crude oil hovered at $66 per barrel, it had hovered between $75 and $80 per barrel since last month, thus pushing up landing cost of the refined product in the domestic markets for finished product importers like Nigeria.
In a report obtained by Vanguard, the Petroleum Products Pricing Regulatory Agency, PPPRA, stated that without the government subsidy, the price of petrol could have been as high as N205 per litre in the domestic market.
According to PPPRA, the price of the commodity appreciated by 8.47 per cent from N189 per litre…
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