The regulatory agency for Nigerian petroleum products, has disclosed that the price of Premium Motor Spirit, also known as petrol, has now reached N212.6 per litre.
The Petroleum Products Pricing Regulatory Agency (PPPRA), making this known in a new monthly template released midnight, it said, petrol is expected to sell at a lower retail price of N209.61 and at an upper retail price of N212.61.
However, Nigerian marketers usually use the upper retail price as their pump price.
PPPRA said the expected ex-depot price, as seen in the template, is N206.42, while the landing cost is N189.61.
With ex-depot price standing at N206.42 per litre, the March template shows that the landing cost for petrol per litre is N189.61.
The increase in petrol pump price comes as the Nigerian Petroleum Corporation (NNPC) says there won’t be any change in the price of PMS in the month of March.
The NNPC assuring Nigerians 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.