Despite claims by the Nigerian National Petroleum Corporation that the pump price of fuel will not be reviewed upwards, the Petroleum Products Pricing Regulatory Agency, PPPRA, has increased the pump price of fuel to N212 per litre.
NNPC had on February 28, said there will be no increment in the ex-depot price of petrol in March 2021 following resurfacing of queues at filling stations.
However, PPRA announced late on Thursday night that the retail price for a litre of petrol for the month would be between N209.61 and N212.61.
The agency said this is based on the average costs of imported petroleum products.
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The PPRA added that the average littering expenses were put at N4.81 per litre; Nigerian Ports Authority, NPA charge N2.49 per litre; NIMASA charge N0.23 per litre; Jetty Thru put of N1.61 per litre and Storage charge of N2.58 per litre and average finance cost of N2.17 per litre, translating to an expected landing cost per litre of N189.61.
The wholesale margin was fixed at N4.03 per litre; administration charge, N1.23 per litre; transporters’ allowance (NTA) of N3.89 per litre; Bridging Fund cost of N7.51 per litre and Marine transport average (MTA) of N0.15 per litre.
It said the ex-depot price, which is the amount sold by fuel depot owners to marketers, will be N206.42, while the landing cost stands at N189.61 per litre.
