NNPC Debunks Reported Petrol Price Hike

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Petrol Price To Hit N340 Next Year As FG Plans Complete Removal Of Subsidy

The Nigerian National Petroleum Corporation has insisted that there is no increment in the ex-depot price of Premium Motor Spirit also known as petrol this month.

NNPC made this known in a short statement released on Friday morning despite a template released by the Petroleum Products Pricing Regulatory Agency that the new price of petrol has reached N212.6 per litre.

“#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.

The new price, according to the PPPRA’s PMS guiding price, released to stakeholders, is supposed to commence from March 1st and run till March 31st, 2021.

However, the fact that the price of the commodity is still been sold at an average of N170 in petrol stations across the country, meant that the Federal Government, through the Nigerian National Petroleum Corporation, NNPC is spending an average of N42 to subsidise a litre of the commodity for Nigerians.

The PPPRA confirmed that fuel subsidy actually officially returned in February 2021, as according to the downstream oil sector regulator, the actual pump price of PMS for February was between N183.74 and N186.74 per litre, meaning that the Federal Government paid an average of N16 per litre for PMS in the month.

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