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.
This came days after the Federal Government promised Nigerians that the price of petrol will be slashed to below N100 per litre.
Ita Enang, the senior special assistant to the president on Niger Delta Affairs, disclose this during a press conference on Tuesday, March 9, in Abuja.
The increase in the petrol pump price to N212.6 per litre is also despite the Nigerian Petroleum Corporation (NNPC) 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.
According to the template which the PPPRA released midnight, petrol is expected to sell at a lower retail price of N209.61 and at an upper retail price of N212.61. Nigerian marketers usually use the upper band for pump price.
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 templa the landing cost for petrol per litre is N189.61.