The Petroleum Products Pricing Regulatory Agency has revealed in a new monthly template that the price of Premium Motor Spirit, also known as petrol, has reached N212.6 per litre.
According to the template which the PPPRA released on Thursday, petrol is expected to sell at a lower retail price of N209.61 and at an upper retail price of N212.61 which is usually followed by marketers.
The expected ex-depot price as seen in the template is N206.42, while the landing cost is N189.61.
The template, published on Thursday night, shows that the retail price of petrol will be between market band of N209.61 and N212.61. Nigerian marketers usually sell at the upper band.
This is coming despite the latest report by World Poverty Clock which showed that more Nigerians have been plunged into extreme poverty since November 2019.
With the latest figure showing that over 105 million Nigerians now live in extreme poverty – from 98 million in October 2019. The figures represent 51% of the population.
Nigeria, according to the World Poverty Clock, has a total population of 205,323,520 people with 105,097,856 in extreme poverty representing over 51 percent of the population.
An individual is classified as living in extreme poverty if the person earns below $1.90 or N855 a day.
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.
This is 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 petrol price would remain static in March 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 well as instability in exchange rate.