Open market price of PMS hits N163.68 – PPPRA

The Petroleum Products Pricing Regulatory Agency (PPPRA) said that the current open price market of the Premium Motor Spirit (PMS) also known as Petrol as at Nov. 15 was N163.68.

The Agency disclosed this in its Petroleum Products Pricing Template released on its website, on Monday in Abuja.

According to the template, the amount is N18.68 higher than the N145 price fixed by the Federal Government for the product to be sold at the petrol stations.

The template put the landing cost of the commodity at N147.95 per litre, while total distribution margins of N19.37 per litre brings the total cost of the commodity to N163.68 per litre.

The PPPRA report noted that the cost of the commodity plus freight stood at 618.47 dollars per metric tonne, an equivalent of N141.54 per litre.

It added that the lightering expenses and Nigerian Port Authority (NPA), charges stood at N2.75 and N0.84 per litre respectively.

The Nigerian Maritime Administration and Safety Agency (NIMASA) charges, according the PPPR, stood at N0.22 per litre while the Jetty Throughput Charge N0.60 per litre and storage charge N2.00 per litre.