Nigeria’s downstream petroleum industry lost about N884.8 million in seven days to the high cost of importing Premium Motor Spirit (PMS), also known as petrol, resulting from a differential of N3.16 per litre, The Guardian reports.

With Nigeria’s petrol consumption put at 40 million litres per day, the country lost about N126.4 million daily to import differentials between June 30 to July 6, 2017, according to latest oil and gas data from the National Bureau of Statistics (NBS). Specifically, despite capping PMS at N145 per litre, the average expected open market price of petrol rose to N148.16 during the period under review, thereby leading to a loss of N3.16 kobo a litre for importers of the product.

NBS, which made this disclosure in its weekly selected oil and gas data released last week, showed an average landing cost of N128.79 per litre and expected open market price of N148.16. The NBS data put the weekly average freight rates per 30,000 metric tonnes cargo at N16.92 per litre, landing cost, N128.79; expected open market price, N148.16, parallel market exchange rate at N366.20 to $1 and price of Nigeria’s Bonny Light at $48.40 per barrel.