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NNPC insists no hike in petrol price, as PPPRA deletes template announcing increase

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Petrol

The Petroleum Products Pricing Regulatory Agency (PPPRA), an agency of government saddled with the responsibility of determining the price, monitoring and regulating the supply and distribution of petroleum products, has deleted a petrol pricing template announcing an increase in the retail price of petrol.

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.

However, a visit to the link of the PPPRA template, showed that the template has been deleted.

Contrary to NNPC’s assurances that there is no increase in fuel, a visit to fuel stations across Lagos metropolis proved otherwise as  fuel pumps have already been adjusted to reflect the new change in price, N212. This increase in price has also created long fuel queues at NNPC fuel stations across the state still selling at N170.

When Nigeria adopted the price modulation template in March 2020, Timipre Sylva, the minister of state for petroleum resources, said the agency will issue a monthly guide to NNPC and marketers on the appropriate pricing regime.

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