Petrol Price Now N212.61 Per Litre-PPPRA
Nigerians should brace up for more hard times as the Petroleum Products Pricing Regulatory Agency (PPPRA) has announced an increase in the pump price of the Premium Motor Spirit (PMS), also known as petrol, to N212.6 per litre.
Up till yesterday night, many filling stations within the Ibadan metropolis, the Oyo State capital, were selling the product between N163 and N170 per litre.
But, as stated in a new monthly template, released midnight by the PPPRA, petrol would now sell at a lower retail price of N209.61 and at an upper retail price of N212.61.
Expectedly, Nigerians would be paying N212.61 for a litre of the PMS as marketers are known to usually use the upper band for pump price.
The expected ex-depot price, as contained in the new monthly 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 new increment in the pump price of PMS is unexpected and contrary to the repeated assurance by the Nigerian National Petroleum Corporation (NNPC) 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 the exchange rate.
Source: EagleOnline
