Skip to main content

Expected petrol pump price drops to N114.53 per litre


The expected open market price of Premium Motor Spirit, popularly known as petrol, has dropped to N114.53 per litre, N30.47 lower than the approved pump price of the product.
The PUNCH reported on March 2, 2020 that the sharp drop in crude oil prices on the back of the spread of coronavirus had wiped off subsidy on petrol.
The landing cost of petrol plunged to N123.88 per litre on February 27, and the product was expected to be sold at N143.25 that day if the price of the product was adjusted to reflect the change in crude oil prices, according to Petroleum Products Pricing Regulatory Agency.
The latest pricing template obtained by our correspondent from the PPPRA showed that the landing cost declined further to N95.16 per litre on March 10 from N115.52 per litre on March 6.
The expected open market price of the product fell to N114.53 per litre on Tuesday from N134.89 per litre last Friday.
The international oil benchmark, Brent crude, has been on a downward trend since the coronavirus broke out in China. It tumbled by as much 30 per cent on Monday to $31, its lowest in four years as Saudi Arabia launched a price war.
The expected open market price of petrol was N182 per litre at the end of last year as Brent, against which Nigeria’s oil is priced, traded around $67 per barrel.
With the recent steep fall in crude oil prices, the cost of petrol plus freight dipped to $379.37 per metric tonne (N86.84 per litre) on Tuesday from $466.43 per MT (N106.78 per litre) last Friday, according to the PPPRA.
The cost plus freight, which stood at $668.29 per MT (N152.99 per litre) on December 31, 2019, fell to $502.29 per MT (N114.97 per litre) on February 27, 2020.
Nigeria, Africa’s largest oil producer, relies largely on importation for petrol and other refined products as its refineries have remained in a state of disrepair for many years.
While the diesel and kerosene prices had been deregulated, the government still pay subsidy to make petrol cheaper at the pump.
The landing cost of petrol has fallen by 41.5 per cent since December 31, 2019 when it stood at N162.68, the PPPRA data showed.

Comments

Post a Comment

Popular posts from this blog

Trump leaves hospital for White House; removes mask immediately

President Donald Trump checked out of hospital Monday after four days of emergency treatment for Covid-19, pulling off his mask the moment he reached the White House and vowing to quickly get back on the campaign trail. Shortly beforehand, Trump had tweeted that Americans, who have lost nearly 210,000 people to the virus, have nothing to fear. A series of made-for-TV moments allowed Trump to squeeze the maximum from his medical discharge, starting by exiting alone from the large gold-colored front doors of the Walter Reed military hospital just outside Washington. Live on television, he then walked in a mask to a limousine, giving the thumbs up, before boarding Marine One helicopter for the quick flight to the White House — which he left on Friday after falling ill. After landing, he walked up the steps onto the South Portico’s stately balcony, demonstratively removed his mask and offered a 23-second salute to the departing Marine One. With less than a mont...
Post a Comment
Read more

Edinson Cavani Joins Manchester United

File photo: Uruguay’s forward Edinson Cavani celebrates after scoring his team’s second goal during the Russia 2018 World Cup round of 16 football match between Uruguay and Portugal at the Fisht Stadium in Sochi on June 30, 2018. PIERRE-PHILIPPE MARCOU / AFP   Manchester United have signed Uruguayan striker, Edinson Cavani, the club confirmed on Monday evening.  🇺🇾🔴 𝗠𝗮𝗱𝗲 𝗳𝗼𝗿 𝗠𝗮𝗻𝗰𝗵𝗲𝘀𝘁𝗲𝗿. Ladies and gentlemen: introducing  @ECavaniOfficial … #MUFC pic.twitter.com/2tBLCdtjdL — Manchester United (@ManUtd)  October 5, 2020 “Manchester United is delighted to announce the signing of striker Edinson Cavani,” the club said in a statement on Monday. “The Uruguay international joins on a one-year contract with the option to extend for a further year.”   Cavani has been without a club since leaving Paris Saint-Germain at the end of June. The 33-year-old is PSG’s all-time top scorer, scoring 200 goals in seven seasons at the Parc des Princes. Cavani could...
Post a Comment
Read more

Anambra lifts curfew, reopens schools

By Vincent Ujumadu Awka- ANAMBRA State government Tuesday announced the lifting of curfew imposed on the state by Governor Willie Obiano in the wake of #endSARS protests by youths across the state. Commissioner for Information and Public Enlightenment, Mr. C Don Adinuba said the lifting of the curfew followed a great improvement in the security situation in the state. Adinuba’s statement read: “Anambra State Governor, Chief Willie Obiano has decided to lift the curfew imposed in the state since last week. READ ALSO: I will sign executive order to recover looted property — Fintiri “Consequently, all educational institutions closed last week in the wake of the havoc visited on the state by gangs of arsonists and looters are hereby directed to resume normal activities. “In the same vein, all civil servants are directed to return to work immediately. “Governor Obiano thanks Anambra people for their great cooperation which enabled normalcy to return to our state within a short period. “The ...
Post a Comment
Read more