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The Petroleum Products Pricing Regulatory Agency (PPPRA) has stated that Open Market price of Premium Motor Spirit (PMS) in Nigeria is currently N114.53 per litre. This is contained in the Pricing Template data for petrol released in Abuja, on Wednesday, NAN reports.

According to the 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,” it noted. Adding the total distribution margins of N19.37 per litre to the landing cost of N95.16 per litre, the agency put the Expected Open Market Price (EOMP) of the commodity at N114.53 per litre. The EOMP of the commodity had risen to N116.22 per litre as at Monday, March 9, 2020, before dropping by 1.45 per cent to N114.53 per litre on Tuesday, March 10. PPPRA said cost plus freight of PMS to Nigeria stood at 379.37 dollars per metric tonne, an equivalent of N86.84 per litre. Lightering expenses stood at N2.75 per litre and Nigerian Ports Authority (NPA) charges stood at N0.84 per litre. The template revealed that the ex-depot price of the commodity, which was the price at which the NNPC sold to oil marketers, currently stood at N125.63 per litre. The ex-depot price for collection which stood at N133.28 per litre comprised, ex-depot price, inclusive of bridging allowance, Marine Transportation Allowance (MTA), and administrative charge.