The Petroleum Products Pricing Regulatory Agency (PPPRA) on Thursday, initiated an upward review of the price of Premium Motor Spirit, also known as petrol to N212.6 per litre.
PPPRA made this known in a new monthly template that a litre of fuel would now be sold for prices ranging from N209 to N212 per litre for March. Nigerian marketers usually use the upper band for pump price.
The latest price is over N23 to N26 difference from the N186 retailed for in the month of February.
According to the template, the expected ex-depot price is N206.42, while the landing cost is N189.61.
Recall that the Nigerian Petroleum Corporation earlier said there won’t be any change in the price of PMS in the month of March.
VANTAGE NEWS reports that President Muhammadu Buhari met the price of petrol at N87 per litre when he assumed office in 2015.