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FG Hikes Pump Price, Say Nigerians Will Now Buy @ N212.61 Per Litre

The Petroleum Products Pricing Regulatory Agency (PPPRA) has revealed in a new monthly template that the price of Premium Motor Spirit, also known as petrol, has reached N212.6 per litre.

According to the template which the PPPRA released on Thursday, petrol is expected to sell at a lower retail price of N209.61 and at an upper retail price of N212.61 which is usually followed by marketers.

The expected ex-depot price as seen in the template is N206.42, while the landing cost is N189.61. This is despite the Nigerian Petroleum Corporation saying there won’t be any change in the price of PMS in the month of March.

With ex-depot price standing at N206.42 per litre, the March template shows that the landing cost for petrol per liter is N189.61.

Although the Nigerian National Petroleum Corporation says petrol price would remain static in March to allow smooth negotiations between the government and labour unions, PPPRA’s template follows the increasing price of crude at the international market as well as instability in exchange rate.

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