The Petroleum Products Pricing Regulatory Agency (PPPRA) said the Open Market price of Premium Motor Spirit( PMS) also known as petrol, in the Nigerian market has dropped to N114.53 per litre.
The Agency disclosed that petrol is now valued at N114.53 per litre from the Pricing Template for the commodity, released in Abuja, on Wednesday.
The agency, however, did not say when there will be a review of fuel price at the pump. It is at present sold for N145 per litre.
Giving a breakdown of the PMS pricing template, the PPPRA disclosed that cost plus freight of PMS to Nigeria stood at 379.37 dollars per metric tonne, an equivalent of N86.84 per litre.
It added that the lightering expenses stood at N2.75 per litre and Nigerian Ports Authority (NPA) charges stood at N0.84 per litre.
“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,” it noted.
Adding the total distribution margins of N19.37 per litre to the landing cost of N95.16 per litre, the agency put the Expected Open Market Price ( EOMP) of the commodity at N114.53 per litre.
The template also revealed that the ex-depot price of the commodity, which was the price at which the NNPC sold to oil marketers, currently stood at N125.63 per litre; while the Ex-depot price for collection stood at N133.28 per litre.
The PPPRA explained that Ex-depot for collect price comprised, ex-depot price, inclusive of bridging allowance, Marine Transportation Allowance (MTA), and an administrative charge.
The EOMP of the commodity had risen to N116.22 per litre as on Monday, March 9, 2020, before dropping by 1.45 percent to N114.53 per litre on Tuesday.