The landing cost of Premium Motor Spirit, otherwise known as petrol, was put at N119.66 per litre as of Tuesday, up from N75.15 on January 23.
It increased by N1.07 from N118.59 per litre on Monday, according to data obtained from the Petroleum Products Pricing Regulatory Agency.
The daily subsidy on petrol, therefore, rose to an eight-month high of N48.15 per litre on Tuesday, compared to N3.64 on January 23, the agency’s pricing template showed.
The Federal Government had on January 18, 2015 announced the reduction in the pump price of petrol from N97 to N87 per litre, attributing this to the decline in global crude oil prices.
The landing cost of the product was N116.79 per litre on May 21, while the subsidy component was N45.28 per litre, according to the PPPRA.
There have been calls in many quarters on successive governments to fully deregulate the downstream sector of the oil and gas industry to encourage private investments in crude oil refining, as well as the privatisation of the nation’s existing refineries, which are working far below their installed capacities.
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