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Open market price of petrol hits N163.68 — PPPRA

The Petroleum Products Pricing Regulatory Agency yesterday in Abuja said the current open price market of the Premium Motor Spirit, also known as petrol, was N163.68 as of November 15.

The agency disclosed this in its Petroleum Products Pricing Template released on its website.

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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. (NAN)

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