Fuel price upper band now N212.61 per litre
The Petroleum Petrol Pricing Regulatory Agency (PPPRA) has released its latest pricing template for the month of March which showed that the PPPRA fixed the lower band of the new fuel price to N209.61 per litre and the upper band at N212.61 per litre.
HIGHLIGHTS FROM THE REPORT
The report released on Thursday night showed that the expected ex-depot price for wholesale products marketers now stands at N206.42 per litre.
The addition of retailers’ margin of N6.19 per litre would bring the expected retail price (lower band) N209.61 per litre and expected retail price (upper band) N212.61 per litre.
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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.
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.
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The price was calculated on the approved average importer & exporter (I&E) Naira exchange rate per dollar of N403.80. The crude oil price at the international market is currently $70/barrel.
WHAT THIS MEANS
This means that the retail price of petrol would be N212.61. In a template published on its website, the agency explained that the increment was due to the market determinants and importation costs.
Recall that, the NNPC assured Nigerians there will be no hike in fuel price in a statement signed by the NNPC spokesman Kennie Obateru.