The House of Representatives on Tuesday
faulted the current pricing template for Premium Motor Spirit, better
known as petrol, saying that a realistic pump price should not be above
N70.04 per litre.
It, therefore, asked the Petroleum
Products Pricing Regulatory Agency and Ministry of Petroleum Resources
to review the current price template of PMS with a view to bringing down
the price of the product.
The landing cost of the product today is
N119.74k, while the distribution margin and other costs add up to
N18.37k, bringing the total to N138.11k.
