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NNPC counters PPPRA, says no increase in fuel price in March

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Few hours after the Petroleum Products Pricing Regulatory Agency (PPPRA) released a monthly template showing an increase in the pump price of Premium Motor Spirit (PMS), the Nigerian National Petroleum Corporation (NNPC) Friday said the ex-depot price of the petrol remained unchanged.

PPPRA template had increased the pump price, currently standing at N162 to N212.6 per litre but the national oil company on it’s official Twitter handle countered the move, noting that the pump price has not changed.

PPPRA template, published Thursday night had shown that the retail price of petrol would sell between the market band of N209.61 and N212.61. Marketers usually sell at the upper band.

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The document also showed that the ex-depot price stood at N206.42 per litre, as the March template showed that the landing cost of petrol per litre is N189.61.

PPPRA has since deleted the controversial template.

The pump price of petrol has been dramatic since the Federal Government last year opted for deregulation and ended decades of a subsidy regime, which has been marred in corruption.

While the pump price had consistently maintained upward review, a face-off between labour and the Federal Government has kept the government in a tight corner.

Trying to manage backlash, the Federal Government had since February accepted a daily loss of about N2 billion after deferring price increase in February and March.


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