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#FuelPriceHike: NNPC Counters PPPRA, Says No increase in Petrol Price

Posted by Thandiubani on Fri 12th Mar, 2021 - tori.ng

The Nigerian National Petroluem Corporation has insisted that there is no petrol price increment this month.

NNPC
NNPC
 
The Nigerian National Petroluem Corporation has countered the Petroleum Products Pricing Regulatory Agency (PPPRA) after it announced increment in the price of petrol to N212.61 per litre.
 
Recall that the PPPRA made the announcement late Thursday. 
 
However, the Nigerian National Petroleum Corporation has insisted that there is no increment in the ex-depot price of Premium Motor Spirit also known as petrol this month.
 
The ex-depot price is the price at which the product is sold by the NNPC to marketers at the depots.
 
The NNPC ruled out any increment in the ex-depot price on Friday in a terse tweet via its verified Twitter handle, @NNPCgroup.
 
“#NNPC Insists No Increase in Ex-Depot Price of PMS in March,” it tweeted hours after the PPPRA released the template.
 
According to the template which the PPPRA released midnight, petrol is expected to sell at a lower retail price of N209.61 and at an upper retail price of N212.61. Nigerian marketers usually use the upper band for pump price.
 
The expected ex-depot price, as seen in the template, is N206.42, while the landing cost is N189.61.
 
With ex-depot price standing at N206.42 per litre, the March template shows that the landing cost for petrol per litre is N189.61.
 


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