Petrol price reaches all time high, to be sold at N212.61 per litre

Price of Premium Motor Spirit (PMS) otherwise called petrol has reached all time high as the product would now be sold for N212.6 per litre.

Petroleum Products Pricing Regulatory Agency (PPPRA) announced in a new monthly template on Thursday.

The published template reveals that the retail price of petrol would sell between market band of N209.61 and N212.61.

Records shows that marketers usually sell at the upper band.

With ex-depot price standing at N206.42 per liter, the March template showed that the landing cost for petrol per liter is N189.61.

Although, the Nigerian National Petroleum Corporation (NNPC) had said price would remain static in March to allow smooth dialogue between government and labour unions, PPPRA’s follows the increasing price of crude at the international market as well as instability in exchange rate.