By Ibrahim Sheriff (Gold)
The landing cost of Premium Motor Spirit (petrol) imported into Nigeria has increased to ₦186.33kobo per litre, as a result of the rising price of oil prices.
The landing cost of PMS rose to about ₦180 per litre on February 5 from ₦158.53 kobo per litre on January 7.
Crude oil price accounts for a large chunk of the final cost of petrol, and the deregulation of petrol price by the Federal Government last year 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 ₦186.33 kobo per litre on February 16, with the pump price of the product expected to be ₦209.33 kobo 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.