In what appears not to be concise action or decision to increase or decrease pump prices of petroleum products, the Petroleum Products Pricing Regulatory Agency yesterday said the open market price for Premium Motor Spirit, popularly known as petrol is currently at N163.68 per liter.
The Petroleum Products Pricing Regulatory Agency PPPRA stated on its website that the price of PMS as of November 15, 2019 was N163.68/liter, in contrast to the regulated pump price of N145/liter for which the commodity is sold at petrol stations.
The PPPRA in its Petroleum Products Pricing Template released yesterday revealed that the landing cost of petrol was N147.95 per liter, which means that it might be subsidizing the commodity by N18.68/liter.
The Nigerian National Petroleum Corporation is currently Nigeria sole importer of petrol puts total distribution margins for the product at N19.37 per liter, making the total cost of the open market price of petrol to be N163.68 per liter.
Experts are yet to reacts to this new development.