The Petroleum Products Pricing Regulatory Agency (PPPRA) has disclosed that the current open market price for Premium Motor Spirit, popularly known as petrol is N163.68 per litre.
The agency stated on its website that the price of PMS as of November 15th, 2019 was N163.68/litre, in contrast to the regulated pump price of N145/litre for which the commodity is sold at filling stations.
The implication of the revelation is that the Nigerian National Petroleum Corporation (NNPC), who currently is the sole importer of petrol into Nigeria, currently subsidizes the commodity by N18.68/litre.
In its Petroleum Products Pricing Template released on Monday, 18th November 2019, the PPPRA explained that the landing cost of petrol was N147.95 per litre.
It put total distribution margins for the product at N19.37 per litre, making the total cost of the open market price of petrol to be N163.68 per litre.