Petrol landing cost rises to N186.33 per litre

By AdvocateNews on 23/02/2021

Share on facebook Yahoo mail icon Gmail icon

Views: 667


The landing cost of Premium Motor Spirit (petrol) imported into Nigeria has increased to N186.33 per litre.‎

Crude oil price accounts for a large chunk of the final cost of petrol, and the deregulation of petrol price by the Federal Government in 2020 means that the pump price of the product will reflect changes in the international oil market.‎

Going by the petrol pricing template of the Petroleum Products Pricing Regulatory Agency, the landing cost of petrol rose to N186.33 per litre on February 16, with the pump price of the product expected to be N209.33 per litre.

The international oil benchmark, Brent crude, closed at $63.96 per barrel on February 16, up from $59.34 per barrel on February 5.

The rising price of crude oil pushed the cost of petrol quoted on Platts to $560.75 per metric tonne (N163.08 per litre, using N390/$1) on February 16 from $543.25 per metric tonne (N157.99 per litre) on February 5.

Other cost elements that make up the landing cost include freight (N10.29), lightering expenses (N4.57), insurance cost (N0.25), Nigerian Ports Authority charge (N2.38), Nigerian Maritime Administration and Safety Agency charge (N0.23), jetty throughput charge (N1.61), storage charge (N2.58), and financing (N1.33).

The freight cost increased to $35.41 per MT (N10.29 per litre) last Wednesday from $30.04 per MT (N8.74 per litre) on February 5.

The pump price is the sum of the landing cost, wholesale margin and the distribution margins.

The wholesale margin is N4.03 while the distribution margins comprise transporters allowance (N3.89), retailer (N6.19), bridging fund (N7.51), marine transport average (N0.15), and admin charge (N1.23).‎

Posted 23/02/2021 4:54:53 PM

 

Share on facebook Yahoo mail icon Gmail icon


 

You may also like...
PRESS STATEMENT BY FESTUS KEYAMO, SAN, FCIArb (UK)...

Buhari govt linked me to Al-Shabaab terrorists –...

Kogi Government writes US over Electoral Fraud Allegation...

Nigeria records 195 New COVID-19 Cases, Total Infections...

Tinubu, Oshiomole responsible for Edo crisis – PDP...

Secondus reacts to resignation of PDP national officers...

Court sentences Maina’s son, Faisal, to 14 years...

Direct your bail request to panel, IG tells...

October 1: IPOB orders sit-at-home, ban ceremonies in...

Presidency warns Akeredolu over quit notice to herdsmen...

Nnamdi Kanu orders total shut down of Abuja,...

Obi of Onitsha calls for restructuring

 

Latest News Ex-Enugu Commissioner for Lands, Surv. Nnam, regains freedom Some judges sell judgments, retire to escape NJC sanctions – Jega Delayed November Salary: Policemen complain of hunger, poverty Umahi confirms killing of five abducted construction workers in Ebonyi Northerners Forum salutes Soludo, solicits key role, assignment in his administration Mkpurummiri addiction has no cure – NDLEA warns Buhari suspends AEDC management as firm faces internal crisis Man commits suicide after losing company’s N150,000 on bet 30 burnt to death as bandits set bus ablaze in Sokoto Students strip policeman, set school ablaze, principal flees Security agents, not ESN, planting bombs in Igboland – IPOB Fani-Kayode has erectile dysfunction, I had four kids via artificial insemination – Ex-wife claims

 

Most Read Fleeing ex-DG Imo Broadcasting Corporation who stabbed wife to death arrested (229,495 views) Ex-Heads of State will protect Jonathan from persecution —Kukah (229,494 views) I’ve no Coronavirus, govt wants to kill me – Anambra Index case (229,494 views) Sickle cell support group seeks government intervention (229,493 views) Full Text of Governor Ifeanyi Ugwuanyi’s 2016 Budget Speech (229,491 views) Ugwuanyi commends FG’s siting of ICT University in Enugu (229,490 views) Ebonyi bans embalming of corpses in homes (229,490 views) FG sends new directive to banks, schools as Buhari extends lockdown by four weeks (229,489 views) HUSHPUPPI: CRIMINALS HAVE NO TRIBE. THEY SHAME ALL OF US... (222,806 views) ASUU strike: Senate intervention ends in deadlock (222,617 views) All you need to know about Peter Obi, PDP VP Candidate (172,962 views) DEMOCRACY DAY: President Muhammadu Buhari’s full speech (171,276 views)

 

 

SECTIONS EDITORIAL (19) NEWS (7,431) FAITH (158) POLITICS (496) SOCIETY (132) SPORTS (58) BUSINESS (370) HEALTH (59) EDUCATION (50) ENTERTAINMENT (55) INTERNATIONAL (183) TECHNOLOGY (6) COLUMNISTS (57) LETTERS (4) OPINION (42)

 

 


There are no video entries posted yet.