The landing cost of Premium Motor Spirit (PMS), a.k.a petrol, has hit ₦1,125.57 per litre, the Major Energy Marketers Association of Nigeria, (MEMAN), disclosed yesterday.
According to data from depots in Nigeria shared by MEMAN, showed that as at August 26, the price at which the product landed at the depots was ₦1,125.57 per litre.
The product is officially sold by the Nigerian National Petroleum Company Limited (NNPCL) and other majors at ₦630/litre as of the same date. This is a differential of ₦485.57 paid as subsidy or under-recovery incured by the NNPCL on every litre.
At the moment, filling stations operated by independent marketers sell for between ₦950 – ₦1,085/litre or more.
