SNG The group said its research had revealed the truth about the actual price of getting petroleum product in the Nigerian market.
According to it, one barrel of crude oil is 42 gallons or 159 litres. The SNG stated the four refineries in the country had 445,000 installed capacity.
It added, “The actual current refineries capacity due to aging equipment is 30 per cent (i.e. 133,500 barrels per day; 4) the 133,500 barrels is =21.2 million litres; 5).”
It further stated that the required domestic consumption was 12 millions litres, adding that the moribund refineries could meet the local consumption.
The group said, “The actual cost of petroleum product per litre in Nigeria is N40.02 and locally refined products cannot be sold at international price.
It explained that among the other oil producing nations and the members of Organisation of Petroleum Exporting Countries, petroleum products cost highest in Nigeria, even at N65/litre
“Petroleum products costs about N9 in Venezuela; N16 in Gaddafi’s Libya; N18 in Saudi Arabia; N31 in Kuwait; N32 in Qatar; N40 in Bahrain; N54 in UAE; and N58 in Iran per litre,” it added.
The SNG asked the Federal Government to tell Nigerians how it came about the N65/litre of petroleum product or the issue of the fuel subsidy.’
All Nigerian Say No to Subsidy
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