Yusuf Bello| Nigerian National Petroleum Corporation on Friday said there will be no increase in the pump price of fuel even as the Petroleum Products Pricing Regulatory Agency revealed in a new monthly template that the price of Premium Motor Spirit has reached N212.6 per litre.
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.
But in a terse statement on Friday morning via its Twitter handle @NNPCgroup, the oil giant ruled out any increment in the ex-depot price.
“#NNPC Insists No Increase in Ex-Depot Price of PMS in March,” it tweeted hours after the PPPRA released the template.
Also on Friday, the Minister of State for Petroleum Resources, Timipre Sylva, insisted that there is no increment in the ex-depot price of Premium Motor Spirit (PMS).
Sylva in a statement said, “Neither Mr. President who is the Minister of Petroleum Resources nor my humble self who deputises for him as Minister of State, has approved that the pump price of petrol should be increased by one naira. I would therefore urge you to disregard this misleading information.”
This was in reaction to the trend on social media with the hashtag #FuelPriceHike with users reacting to a template released by the Petroleum Products Pricing Regulatory Agency (PPRA) showing that the new price of petrol has reached N212.6 per litre.
The NNPC had earlier promised that the petrol price would remain static in March to allow smooth negotiations between the government and labour unions.
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