According to the PPPRA template released in March 2021, petrol was supposed to be sold at a pump price band of N209.61 –N212.61/litre, a c.30.0% premium to the current market price of N162.00/litre. Given that crude oil price has raced to c.$65.91/barrel and the Naira has weakened to c. N411.67/$, PMS should be trading around N227.00/litre, suggesting a N65 subsidy per litre or monthly support of N114 billion, assuming daily PMS consumption of 58.4 million litres. This computation implies a potential annual subsidy outlay of c.N1.4 trillion (or c.18.3% of Nigeria's 2021 budgeted revenue).