Oil & Gas
THE House of Representatives Committee on Finance yesterday described the conflicting figures daily petroleum consumption in the country as worrying.
This was after a submission by the Head of Accounts, Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA), Adebayo Adeniyi, during the committee’s hearing on the 2023-2025 Medium Term Expenditure Framework and Fiscal Strategy Paper.
Adeniyi had put the daily petrol consumption for 2022 at 62.95 million litres.
“For 2023-2024, our projection is that the open market price will go to as high as N443 per litre. And this is based on the fact of changes in dollar rate and the ongoing Ukraine war, which stabilizes the market and the price will be going up higher and higher in the whole world.
“For 2025, our projection for the price of PMS is N250 based on the hope that dollar would have stabilized and Ukraine war would have ended”.
A member of the committee, John Dyegh, said: “I know you’re worried about the N6trn subsidy for PMS. We’re all worried. What’s the difference we are hearing about 62m litres and 98m litres?”
The deputy chairman of the committee, Sa’idu Musa Abdullahi, said lack of synergy among relevant agencies led to the various conflicting petrol consumption figures.
He said: “Even yesterday (Sunday), the figure the NNPC quoted is not in tandem with your figure. You people need to reconcile your positions.”
-Daily Trust
KN
Tags: Adebayo Adeniyi House of Representatives John Dyegh Sa’idu Musa Abdullahi
