NNPC, IPMAN deny fuel price hike

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Petroleum Products Pricing Regulatory Agency (PPPRA) has deleted a petrol pricing template announcing an increase in the retail price of petrol from its website.

The template, published on its website on Thursday night, was deleted on Friday morning amid the outrage over the price increase.

The template had said the recommended retail price is between N209.61 and N212.61 per litre. The landing cost of petrol was put at N189.61.

The ex-depot price, which is the rate marketers get the product, was fixed at N206.42.

Moments after the increase was announced, the Nigerian National Petroleum Corporation (NNPC) insisted there will be no increase in the ex-depot price of petrol in March.

“#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.

firstbank