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, The Punch reports.
It increased by N1.07 from N118.59 per litre on Monday, according to data obtained from the Petroleum Products Pricing Regulatory Agency (PPPRA).
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.
An energy expert and Senior Lecturer, Energy Law at the University of Lagos, Dr. Adedayo Ayoade, said that there were questions to be raised as regards the sudden increase in the landing cost of the product.
“I am not aware of any spike in the price of crude oil that could have led to such an increase in the landing cost of petrol,” he added.
Source: http://energymixreport.com