Fuel consumption in the country has dropped to about 40 million litres in 2012 from about 60 million litres daily in 2011, Executive Secretary of the Petroleum Product Pricing Regulator Agency (PPPRA) Reginald Stanley, has said.
The PPPRA boss said due to the efforts to sanitise the sector, the agency has achieved up to 67 per cent reduction in the number of participants in the subsidy scheme, ensuring that only owners of downstream facilities participated in the scheme.
“This resulted to a reduction from 128 marketers in 2011 to 38 marketers in 2012. This has enabled government to save a whopping N409 billion in subsidy claims in 2012 alone from reduction in volume from 60.25 million litres a day in 2011 to 39.66 million litres a day in 2012,” he said.
Information from Daily Trust was used in this report.