The Petroleum Products Pricing Regulatory Agency has said that the price of Premium Motor Spirit, also known as petrol, has hit N212.6 per litre.
Observers said the PPPRA template follows the increasing price of crude at the international market as well as instability in exchange rate
The monthly template of the agency said petrol is expected to sell at a lower retail price of N209.61 and at an upper retail price of N212.61. Nigerian marketers usually use the upper band for pump price.
The expected ex-depot price, according to the PPPRA template,is N206.42, while the landing cost is N189.61.
With ex-depot price standing at N206.42 per litre, the March template shows that the landing cost for petrol per litre is N189.61.
But the Nigerian National Petroleum Corporation had assured that petrol price would remain static in March to allow smooth negotiations between the government and labour unions.
