Coronavirus: Open market price of petrol drops to ₦114.53 per litre

03/13/2020

Posted by: Jane Osuagwu

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The open market price of petrol has dropped to ₦114.53 per litre following the recent Coronavirus outbreak which has affected the globe.

The Petroleum Products Pricing Regulatory Agency has announced that the expected open market price of petrol (Premium Motor Spirit) has dropped to ₦114.53 per litre.

petrol-pump

The Coronavirus epidermic has crashed the open market price of petrol to ₦114.53 per liter

Naijauto learned the recent Coronavirus outbreak affected the price of PMS in the open market.

Based on the Pricing Template for fuel released by the agency on Wednesday in Abuja, PMS is now worth ₦114.53 per liter. There was no notice of whether the price of petrol at the pump will be reviewed following the new price. Presently, fuel sells for ₦145 per litre at gas stations.

PPPRA gave a breakdown of the Pricing Template for petrol, disclosing that the cost of petrol, added to its freight to Nigeria, stands at $379.37 per metric tonne. It correspondents to ₦86.84 per liter.

The agency also stated that the lightering expenses for a liter are ₦2.75, and the Nigerian Ports Authority Levy's ₦0.84 per litre

PPPRA noted,

Nigerian Maritime Administration and Safety Agency (NIMASA) charges stood at N0.22 per litre; jetty throughput charge N0.60; storage charge N2; and financing cost N1.92; putting the landing cost of PMS at N95.16 per litre

>>> Even crude oil has been badly affected by the Coronavirus outbreak: International Crude oil price slumps from ₦16,800 per barrel to ₦12,100 amidst Coronavirus outbreak

petrol-station-in-nigeria

We're yet to know if the crashed price will reflect on the price of fuel at gas stations across the country

When the total distribution margin, which is ₦19.37 per liter is added to ₦95.16 per liter, which is the landing cost, the Expected Open Market Price of petrol stood at ₦114.53 per liter.

Also, The template showed the ex-depot price, that is, the price NNPC sold the fuel to oil marketers, is at ₦125.63 per litre. And the ex-depot price for picking up petrol is ₦133.28 per litre.

While explaining the rationale for the ex-depot price for petrol collection, PPPRA said, it includes Marine Transportation Allowance, bridging allowance and an administrative charge.

The Expected Open Market Price of petrol rose to ₦116.22 per liter on March 9, 2020, and then crashed by %1.45 to ₦114.53 per liter on March 10, 2020.

>>> See our news section for more car news updates and trends

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Jane Osuagwu

Jane Osuagwu

Car prices

Jane Osuagwu is an automotive writer at Naijauto.com. She's a car enthusiast who loves creating educative and informative topics on cars, ranging from maintenance tips to updates on the latest trend in the auto industry in concise and friendly writing. 

Jane is also a blogger and loves reading, inspiring people and getting involved in personal development projects.

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