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Petrol Landing Cost Hits ₦216, Daily Subsidy Now ₦4.64bn

The landing cost of Premium Motor Spirit (petrol) imported into Nigeria has jumped to N216.31 per litre on the back of the recent increase in global oil prices and the depreciation of the naira against the dollar.

The Petroleum Products Pricing Regulatory Agency had in March released a pricing template that indicated the guiding prices for the month.

The template, which showed that petrol pump price was expected to range from N209.61 to N212.61 per litre, was greeted with widespread public outcry and was later deleted by the agency from its website.

The pump price of petrol has remained at between N162 and N165 per litre at many filling stations in Lagos since December.

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The template, which was based on an average oil price of $62.22 per barrel for February and an exchange rate of N403.80 to a dollar, showed that the landing cost of petrol was N189.61 per litre.

The price of crude oil, which accounts for a large chunk of the final cost of petrol, closed at $65.98 per barrel last week. It stood at $66.41 per barrel as of 7:09pm Nigerian time on Tuesday.

The Group Managing Director, Nigerian National Petroleum Corporation, Mele Kyari, said on March 25 that with the current market situation, the actual price of petrol could have been anywhere between N211 and N234 per litre.

 

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