Baring any further change of plans, the pump price of Premium Motor Spirit, also known as petrol may be adjusted to N212.6 per litre, if the template released by the Petroleum Products Pricing Regulatory Agency is anything to go by.
The Nigerian National Petroleum Corporation (NNPC) had severally denied possible increase in the prices of petroleum products any time soon but the latest release by the PPPRA tends to put a lie to the denial.
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 template shows that the landing cost for petrol per litre 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.
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.
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