The pump price of the Premium Motor Spirit (PMS) has been increased to N212.61 per litre.
This is contained in the template for the month of March released by the Petroleum Products Pricing Regulatory Agency (PPPRA).
According to the template, expected depot price is N206.42, while the landing cost is N189.61 for the month of March 2021, reports Vanvhard.
The PPPRA has explained that in a deregulated market, it is only the marketers that peg their product price.
The price was calculated on the approved average importer and exporter (I&E) Naira Exchange rate per dollar of N403.80. Meanwhile the crude oil price at the international market is currently $70 per barrel.
As it stands, the expected ex-depot price for wholesale products marketers now stand at N206.42 per litre. Thus the addition of retailer’s margin of N6.19 per litre will bring the expected retail price (lower band) to N209.61, while expected retail price (upper band) will be N212.61 per litre.
Reacting to this development, the Independent Petroleum Marketers Association of Nigeria (IPMAN) stated that, as at this morning, the government was yet to notify them on any price hike via their usual memo.
When Nigerdeltaconnect reporters visited two filling stations in Yenagoa, the NNPC mega filling station along Sani Abacha Way and Total Plc filling station along Asikoro Village this morning, it was observed that normal business activities was going on at the NNPC filling station, while the Total Plc filling station said they do not have petrol.
The purported increase in petrol pump price has been widely condemned by Nigerians.
Isaac Eyedoude, a Yenagoa-based journalist said the increase in pump price is rather unfortunate, asking “how does the government expect the average Nigerian to cope?
He said the increase will affect transport cost and this, in turn, will affect every other thing.
A tailor in Yenago, Mathew Atie said ” Nigerians should just prepare for a rough and bumpy ride as fuel price is going up when electricity tariff has also gone up. All of these on top of rising inflation where the average workers take home salary cannot take him home. So sad. I don’t know what else to say. God will see us through”.
It will be recalled that the spokesman of the Nigerian National Petroleum Corporation (NNPC), Kennie Obateru had in a statement released on February 28, 2021 assured the public that there would be no increase in the pump price of Premium Motor Spirit (PMS) in March 2021.