The pump price of Premium Motor Spirit (PMS) popularly known as petrol has hit the roof with Nigerians expected to start paying N212 per litre, according to a new pricing template published on the website of the Petroleum Products Pricing Regulatory Agency (PPPRA) on Thursday night.
The jerking up of the pump price of petrol is coming days after the Nigerian National Petroleum Corporation (NNPC) promised there would be no price hike, assuring Nigerians that there was no reason for panick buying after queues surfaced in Abuja and other states.
However, in the template published by the PPPRA, the lower band of the new fuel price was fixed at N209.61 per litre and upper band at N212.61 per litre.
Calculating the exchange rate on the approved average importer & exporter (I&E) Naira exchange rate per dollar of N403.80, the PPPRA said the average price per ton of the commodity is about $561.96, or N169.22 per litre, while the average freight rate cost $21.63 per ton, or N6.51 per litre. The ex-coastal price is N175.73 per litre.
It also put other charges as the average littering expenses at N4.81 per litre; Nigerian Ports Authority (NPA) charge N2.49 per litre; NIMASA charge N0.23 per litre, Jetty Through Put charge at N1.61 per litre; Storage charge at N2.58 per litre, and average finance at N2.17 per litre, translating to an expected landing cost per litre of N189.61.
Also the wholesale margin is put at N4.03 per litre; administration charge at N1.23 per litre; transporters’ allowance (NTA) at N3.89 per litre; Bridging Fund cost at N7.51 per litre and Marine transport average (MTA) of N0.15 per litre.