Many petroleum products depots are currently deserted due to lack of products caused by foreign exchange rate volatility, as the landing cost of Premium Motor Spirit, popularly called petrol, has increased to N720/litre, oil marketers said on Thursday. It was further gathered that the landing cost of PMS into Nigeria had increased to N720/litre, up from N651/litre in August this year. N720/litre landing costThe PUNCH further gathered that the landing cost of petrol has risen to N720/litre from N651 in August. According to him, if the landing cost was already N720, the pump price should be around N729/litre in Lagos State if the Federal Government had truly stopped subsidising the product. It is when we have a stable government that there could be prosperity.”Ilo added, “As of today, NNPC is subsidising these products.

Source: Punch October 06, 2023 18:16 UTC