Price of Premium Motor Spirit (PMS) otherwise called petrol has soared to N212.6 per litre, Petroleum Products Pricing Regulatory Agency (PPPRA) said in a new monthly template.
The template published Thursday night shows that the retail price of petrol would sell between market band of N209.61 and N212.61. Marketers usually sell at the upper band.
With ex-depot price standing at N206.42 per liter, the March template showed that the landing cost for petrol per liter is N189.61.
Although, the Nigerian National Petroleum Corporation (NNPC) had said price would remained static in March to allow smooth dialogue between government and labour unions, PPPRA’s follows the increasing price of crude at the international market as well as instability in exchange rate.
Meanwhile, this has been generating alot of buzz on social media as some Nigerians demand explanation from the federal government.