The Petroleum Products Pricing Regulatory Agency, PPPRA, Thursday, announced an increase in the pump price of Premium Motor Spirit (PMS) to N212.61 per litre for the month of March 2021.

The new price is a 25.06 per cent increase from an average of N170 per litre currently sold at petrol stations across the country. PPPRA, in its PMS guiding price for March 2021, disclosed that the new price was supposed to run from March 1st and run till March 31st, 2021.

However, it is not known if the new price would be effected at the pump, as the price continued to be sold at about an average of N170 per litre. The fact that the price of the commodity remained unchanged means that the Federal Government, through the Nigerian National Petroleum Corporation, NNPC is paying an average of N42 per litre as subsidy for Nigerians.

According to the PPPRA, based on the average cost for the period, February 1st to 28th 2021, and an average FMDQ Importer and Exporter (I&E) Naira/US Dollar Exchange Rate of N403.80, the expected retail price of PMS for March 2021, stands at N209.61 per litre and N212.61 per litre, being the lower and upper band respectively.

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Source: SweetCrudeReports