Source: nationaldailyng.com

Source: nationaldailyng.com

In an attempt to justify the new price of petrol at N145/litre, the PPPRA has released the product pricing template for petrol, detailing how the new price of petrol has come to be.

The image released by the PPPRA shows a Section A named; Cost Elements with an item 8 Landing Cost of N119.74. While the Section B named; Distribution Margins with an item 7 showing Total Margins of N18.37 and a total cost of N138.11; putting the retail price band of petrol between N135 and N145 per litre.

The Federal Ministry of Petroleum Resources also via the PPPRA website released a 13 point fact sheet explaining the new framework for Petroleum Products Supply, Distribution and Pricing for May 2016.

It is hoped that the price will gradually be re-evaluated and subsequently reduced in coming months, however, this does nothing to alleviate the fears and concerns of many who have already been in difficult economic times for the past months with no hope of better times looming in the horizon.

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Author: Aderonke Adeleke

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