The Petroleum Products Pricing Regulatory Agency has revealed in a new monthly template that the price of Premium Motor Spirit , also known as petrol , has reached N 212 .6 per litre.
According to the template which the PPPRA released midnight, petrol is expected to sell at a lower retail price of N 209 .61 and at an upper retail price of N 212 .61 . Nigerian marketers usually use the upper band for pump price .
The expected ex – depot price, as seen in the template , is N 206. 42, while the landing cost is N 189 .61 .
With ex – depot price standing at N 206 .42 per litre, the March template shows that the landing cost for petrol per litre is N 189 .61 .
This is despite the Nigerian Petroleum Corporation saying there won ’t be any change in the price of PMS in the month of March.
The NNPC had promised that petrol price would remain static in March to allow smooth negotiations between the government and labour unions , but the PPPRA template follows the increasing price of crude at the international market as well as instability in exchange rate.
