The analysis of government agencies of the fuel subsidy is more than disingenuous. It mentions the cost of the PMS to import the fuel to Nigeria but it doesn't mention the price these importers pay for the crude leaving Nigeria for overseas refineries. The cost to the importer, based on the price of the crude under the 450,000 bbl/day is less than 41 Naira a litre delivered back to Nigeria. Moreover, the profit made on the refined output of the Nigerian crude from which this PMS (and diesel and kerosene also delivered to Nigeria at a profit) is equivalent, at today's netback for the remainder of the refined barrel not imported to Nigeria, at around US$46 per barrel (or 7,400 Naira a litre) - not one kobo of which is paid to NNPC or the Treasury. So, there is no subsidy at all. The 65 Naira price already included a profit of 24 Naira a litre. This 24 Naira is a subsidy to the importers not the Nigerians. In addition, the unreturned profit for the refined product not imported to Nigeria equals 445,000 barrels times USD$46 or USD$20,930,000 a day. This is why Nigerian importers are rich beyond everyone's dreams and why most Nigerians are poor and without basic services. What a farce!

Subsidy tory still dey move?