BREAKING: “Lori ro” government and the new fuel price of N212.6 per litre

The price of petrol has surged to N212.6 per litre, Petroleum Products Pricing Regulatory Agency (PPPRA) said in a new monthly template. However, the product also called Premium Motor Spirit (PMS), will now be purchased for the new pump price amount.

Moreso, this is an indication of a subsidy of N50.61 per litre since the only importer of the product- the Pipelines Products Marketing Company (PPMC) has not notified marketers on the upward review of the pump price.

In a deregulated market, the PPPRA has said it is only the marketers that peg their product price.

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Following the template, the expected ex-depot price is N206.42 while the landing cost is N189.61 for the month of March 2021.

Recall that the Independent Petroleum Marketers Association of Nigeria (IPMAN) on Friday morning that the government was yet to notify them of any price hike via their usual memo.

Speaking with the media on phone, the IPMAN National Vice President Alhaji Abubakar Maigandi, said:

“I was in an NEC meeting with the NNPC and state Governor’s yesterday (Thursday) they only complained of the soaring prices of crude oil. They have not asked us to increase pump price”.

This is coming despite the Nigerian Petroleum Corporation saying there won’t be any change in the price of PMS in the month of March.

The NNPC had promised that the petrol price would remain static in March. This, however, to allow smooth negotiations between the government and labour unions, but the PPPRA template follows the increasing price of crude at the international market as while as instability in the exchange rate.

The template for the new pump price