Petrol Should Sell For N114.53 – PPPRA

The Petroleum Products Pricing Regulatory Agency (PPPRA) says Open Market price of Premium Motor Spirit (PMS) also known as petrol, in the Nigerian market has dropped to N114.53 per litre.

The Agency disclosed this in the data for PMS price for Tuesday, March 10, from the Pricing Template for the commodity, released in Abuja, on Wednesday.

Giving a breakdown of the PMS pricing template, the PPPRA disclosed that cost plus freight of PMS to Nigeria stood at 379.37 dollars per metric tonne, an equivalent of N86.84 per litre.

It added that the lightering expenses stood at N2.75 per litre and Nigerian Ports Authority (NPA) charges stood at N0.84 per litre.

“Nigerian Maritime Administration and Safety Agency (NIMASA) charges stood at N0.22 per litre; jetty throughput charge N0.60; storage charge N2; and financing cost N1.92; putting the landing cost of PMS at N95.16 per litre,” it noted.

Adding the total distribution margins of N19.37 per litre to the landing cost of N95.16 per litre, the agency put the Expected Open Market Price ( EOMP) of the commodity at N114.53 per litre.

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