The current open market price for Premium Motor Spirit, popularly known as petrol is N163.68 per litre, the Petroleum Products Pricing Regulatory Agency stated on Monday.
PPPRA stated on its website that the price of PMS as of November 15, 2019 was N163.68/litre, in contrast to the regulated pump price of N145/litre for which the commodity is sold at filling stations.
This implies that the Nigerian National Petroleum Corporation, which currently is the sole importer of petrol into Nigeria, might be subsidising the commodity by N18.68/litre.
In its Petroleum Products Pricing Template released on Monday, the PPPRA explained that the landing cost of petrol was N147.95 per litre.
It put total distribution margins for the product at N19.37 per litre, making the total cost of the open market price of petrol to be N163.68 per litre.