#FuelPriceHike: Petrol Hits N212.61 Per litre

The Petroleum Products Pricing Regulatory Agency has announced in its March template that the price of Premium Motor Spirit, also known as petrol, has reached N212.6 per litre.

This is an indication of a subsidy of N50.61 per litre since the only importer of the product- the Pipelines Products Marketing Company (PPMC) has not notified marketers on upward review of the pump price.

The PPPRA has said in a deregulated market, it is only the marketers that peg their product price.

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But the Federal Government has insisted through the Nigerian National Petroleum Corporation (NNPC) that there will be no petrol price hike in March.

According to the template which the PPPRA released midnight, expected ex-depot price is N206.42 while the landing cost is N189.61 for the month of March, 2021.

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 N189.6.

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 Independent Petroleum Marketers Association of Nigeria (IPMAN) on Friday morning that the government was yet to notify them on any price hike via their usual memo.

The IPMAN National Vice President Alhaji Abubakar Maigandi, said: “I was in a NEC meeting with the NNPC and state Governor’s yesterday (Thursday) they only complained of the soaring prices of crude oil. They have not asked us to increase pump price.”