The Petroleum Products Pricing Regulatory Agency (PPPRA) has on Wednesday disclosed that the price of Premium Motor Spirit (PMS) popularly known as petrol or fuel in the open market is currently at N114.53 litre.
According to News Agency of Nigeria, the disclosure which was made in a petroleum pricing template said: "Nigerian Maritime Administration and Safety Agency (NIMASA) charges stood at N0.22 per litre; jetty throughput charge N0.60; storage charge N2; and financing cost N1.92; putting the landing cost of PMS at N95.16 per litre."
This makes the total distribution margin to N19.37 per litre with a landing cost of N95.16 per litre, making the expected open market price of fuel to N114.53 per litre, N30.47 lower than the approved pump price.
Since the emergence of the novel Coronavirus (Covid-19) in Wuhan, China, the crude oil price has fallen to as low as $31 on Monday, making it the lowest it has been in four years.
According to PPPRA, the cost plus freight of petrol to Nigeria was at $379.37 per metric tonne (N86.84 per litre).
Also, lightering expenses was at N2.75 per litre, while the Nigerian Port Authority (NPA) charges were N0.84 per litre.
Collection fee, comprising of ex-depot price, bridging allowance, marine Transportation Allowance (MTA) and administrative charges amounted to N133.28 per litre, with the Nigeria National Petroleum Corporation (NNPC) price to