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Expected Petrol Pump Price Drops To N96.27 Per Litre

The expected open market price of Premium Motor Spirit has dropped to N96.27per litre, N48.73 lower than the approved pump price of the product.

The landing cost of petrol plunged to 76.90 per litre on March 13, and the product was expected to be sold at N96.27 that day if the price of the product was adjusted to reflect the change in crude oil prices, according to the Petroleum Products Pricing Regulatory Agency (PPPRA).

With the recent steep fall in crude oil prices, the cost of petrol plus freight dipped to $301.18 per metric tonne (N68.94 per litre) on Friday, March 13   from $369.62 per MT (N84.60 per litre) recorded on March 11.

The latest pricing template obtained by our correspondent from the PPPRA showed that the landing cost declined further to 76.90 per litre on March 13 from N92.89 per litre on March 11.

The expected price of the product fell to 76.90 per litre on March 13 from N112.26 per litre last Wednesday.

The template also revealed that the ex-depot price of the commodity, which is the price at which the Nigerian National Petroleum Cooperation (NNPC) sells to oil marketers currently stood at N125.63 per litre; while the ex-depot price for collection stood at N133.28 per litre.

Meanwhile, Nigeria, Africa’s largest oil producer relies largely on importation for petrol and other refined products as its refineries have remained in a state of disrepair for many years.