The subsidy on Premium Motor Spirit, popularly known as petrol, has risen to N47.5 per litre as the expected open market price of the commodity hit N180.78 on Monday, latest data from the Petroleum Products Pricing Regulatory Agency showed.

Brent, the international benchmark against which Nigeria’s oil is priced, appreciated on Thursday to $67.86 per barrel, as it increased by $0.66 when compared with the previous day’s price.

Industry data put the cost of the commodity at $67.86 per barrel as of 10.50am Standard Eastern Time, a development that showed further positive movements in global crude prices.

This came as figures obtained from the PPPRA showed that the Nigerian National Petroleum Corporation was currently spending an average of N47.5 as subsidy on every litre of PMS.

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