The Federal Government has increased the pump price of Premium Motor Spirit ( PMS) also known as petrol to N212.61 per litre, for the month of March.
This is in addition to the governmentt confirmation of return of fuel subsidy .
According to the Petroleum Products Pricing Regulatory Agency,(PPPRA), the new price is supposed to commence from March 1st and run till March 31st, 2021.
The Agency confirmed that fuel subsidy officially returned in February 2021, as the actual pump price of PMS then was between N183.74 and N186.74 per litre indicating that the Federal Government paid an average of N16 per litre for PMS in the month while the price of the products was between N163.36 per litre and N166.36 per litre.
It said based on the average cost for the period, February 1st to 28th , 2021, and an average FMDQ Importer and Exporter, Naira/ US Dollar Exchange rate of N403 , the expected retail price of PMS for March 2021 was N209.61 per litre and N212.61 per litre,being the lower and upper band respectively..
