The expected open market price of Premium Motor Spirit, popularly known as petrol, has dropped to N114.53 per litre, N30.47 lower than the approved pump price of the product.
reported on March 2, 2020 that the sharp drop in crude oil prices on the back of the spread of coronavirus had wiped off subsidy on petrol.
The expected open market price of the product fell to N114.53 per litre on Tuesday from N134.89 per litre last Friday. With the recent steep fall in crude oil prices, the cost of petrol plus freight dipped to $379.37 per metric tonne on Tuesday from $466.43 per MT last Friday, according to the PPPRA.
While the diesel and kerosene prices had been deregulated, the government still pay subsidy to make petrol cheaper at the pump. The Nigerian National Petroleum Corporation has been the sole importer of petrol into the country for more than two years, after private oil marketers stopped importing the commodity due to crude price fluctuation, among other issues.
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