The Petroleum Products Pricing Regulatory Agency (PPPRA) says,  Open Market  price of Premium Motor Spirit( PMS) also known as petrol, in the Nigerian market has dropped to N114.53 per litre.

The Agency disclosed this in the data for PMS price for Tuesday, March 10, from the Pricing Template for the commodity, released in Abuja, on Wednesday.

Giving a breakdown of the PMS pricing template, the PPPRA disclosed that cost plus freight of PMS to Nigeria stood at 379.37 dollars per metric tonne, an equivalent of N86.84 per litre.

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

“Nigerian Maritime Administration and Safety Agency (NIMASA) charges stood at N0.22 per litre; jetty throughput charge N0.60; storage charge N2; and financing cost N1.92; putting the landing cost of PMS at N95.16 per litre,” it noted.

Adding the total distribution margins of N19.37 per litre to the landing cost of N95.16 per litre, the agency put the Expected Open Market Price ( EOMP) of the commodity at N114.53 per litre.

The template also revealed that the ex-depot price of the commodity, which was the price at which the NNPC sold  to oil marketers, currently stood  at N125.63 per litre; while the Ex-depot price for collection stood at N133.28 per litre.

The PPPRA explained that Ex-depot for collect price comprised, ex-depot price, inclusive of bridging allowance, Marine Transportation Allowance (MTA), and administrative charge.

The EOMP of the commodity had risen to N116.22 per litre as at Monday, March 9, 2020, before dropping by 1.45 per cent to N114.53 per litre on Tuesday.

The News Agency of Nigeria ( NAN) reports that the prices of crude oil at the international market continued its decline on Wednesday, as WTI crude dipped by 2.62 per cent to 33.46 dollars per barrel and Brent crude also recorded a decline, dropping by 2.47 per cent to 36.30 dollars per barrel.

The price of Bonny Light, Nigeria’s flagship crude, dipped by 1.29 per cent to 36.74 dollars per barrel.