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The importation of Premium Motor Spirit (PMS) into Nigeria is to gulp extra cost of over N2.369 billion per day from federal government and marketers. According to New Telegraph, this is because the landing cost for fuel has soared to N212.7 per litre This came as oil prices hit their highest levels since July 2015 with Brent reaching $58.37 and $55.24, before paring gains on the strong dollar.

While the modulated bracket of N135-N145 is given as official price for fuel, the report states that extra N67.7 is incurred on over 35 million litres daily imports as the landing cost soared to N212.7 per litre. “When oil price was at $52 dollars per barrel, the landing cost was N165 per barrel, later when it was $55, the price soared to N210 per litre,” a financial analyst said. Now that it is $58 per barrel, the landing cost hovers around N213 per litre, the report stated. Meanwhile, the Petroleum Products Pricing Regulatory Agency (PPPRA), an agency saddled with pricing regulation, has taken down its website, keeping the public in the dark on change in pricing template for petroleum product. Spokesperson for the agency, Lanre Oladele, could not be reached for comments.

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