According to the data provided by the Petroleum Products Pricing Regulatory Agency(PPPRA), the Expected Open Market Price of PMS(Premium Motor Spirit or petrol) is N99.27 per litre as of February 3, up from N95.47 on February 2 and N88.23 on January 29.
On Sunday, January 18, 2015 the Federal Government had announced the reduction in the pump price of petrol by N10 from N97, explaining this by the decline in global crude oil prices.
This means that N12.27 is the subsidy incurred by the government on every litre of the product from that day, with the regulated price of the product being N87 per litre. The subsidy was N8.47 per litre on February 2.
The product cost and freight component was put at N73.46 per litre, up from N69.79 per litre on February 2 and N62.79 on January 29.