Just a few days after the federal government through the senior special adviser on Niger delta affairs, Ita Enang revealed its intentions to reduce the price of petrol to a figure below N100 per litre; the PPPRA has on Thursday 11th March fixed the pump price for petrol at N212 per litre for the month, citing “Market determinants i.e the current importer & Exporter Naira exchange rate per dollar ” and “importation cost” as their reasons for the move.
The Nigerian National Petroleum Corporation (NNPC) has refused the move by the Petroleum Product Pricing Regulatory Agency which it made known in a tweet this morning that reads “# NNPC Insists No Increase in Ex-Depot Price of PMS in March”.
The corporation has earlier stated through its spokesman Kennie Obateru on the 28th of February that there will be no hike in the price of PMS.
He went further to say “ Contrary to speculations of an imminent increase in the price of PMS in the country, the NNPC has ruled out any increment in the ex-depot price of petrol in March”.
The PPPRA calculated the ex-depot price for wholesale marketers as N206.42 per litre in a template published on its website, explaining that by the time all the cost incurred in the purchasing (N169 per litre), Freight rate cost (N6.51 per litre), Nigerian Ports Authority charge (N2.49 per litre) etc are put together, it’s no-brainer the price was fixed at that.
Nigerians are however no happy with the recent developments.
