No increase in PMS price this month, NNPC insists

Arakunle Kayode

The Nigerian National Petroleum Corporation (NNPC) has insisted there will be no increment of PMS price in March. According to a statement on Friday by the petroleum product pricing regulatory agency (PPPRA) at midnight, petrol would sell at a lower retail price of N209.61 and a higher retail price of N212.61. Nigerian marketers typically set pump prices in the upper range despite the PPPRA’s PMS guiding price, released to stakeholders, which showed that the price of PMS has reached N212.6 per litre.

However, since the commodity is still sold at an average of N170 in petrol stations throughout the country, the Federal Government is subsidizing a litre of the commodity for Nigerians by investing an average of N42 through the Nigerian National Petroleum Corporation (NNPC).

According to the downstream oil sector regulator, the real pump price of PMS for February was between N183.74 and N186.74 per litre, implying that the Federal Government paid an average of N16 per litre for PMS during the month. PPPRA recorded that the price of the product was between N163.36 and N166.36 per litre in January 2021.

Investors lost N209 billion due to market volatility and poor corporate performance. while the average cost from February 1st to February 28th 2021, and an average FMDQ Importer and Exporter (I&E) Naira/US Dollar Exchange Rate of N403.80, they will be expected

Meanwhile, the breakdown from the PPPRA, is that Expected Ex-Coastal price is N175.73 per litre, which includes the average gasoline price (FOB Rotterdam barge) and the average freight rate of N169.22 and N6.51 per litre, respectively.

The petroleum product pricing regulatory agency  ( PPPRA) calculated the Expected Ex-Coastal price to be N175.73 per litre, based on the average gasoline price (FOB Rotterdam barge) and the average freight rate of N169.22 and N6.51 per litre, respectively.