PPPRA Deletes Template Inflating Petrol Price To N212

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…NNPC Insists There Is No Petrol Increment

The Petroleum Products Pricing Regulatory Agency (PPPRA) has deleted an earlier published template announcing that the new price of petrol has reached N212.6 per litre.

Brand Spur Nigeria reports that the u-turn came hours after the agency published the template on its website, http://pppra.gov.ng/pms-guiding-price-for-march-2021/ and after the Nigerian National Petroleum Corporation insisted that there was no increment in the ex-depot price of petrol.

PPPRA Deletes Template Inflating Petrol Price To N212 - Brand SpurAccording to the above template which the PPPRA released at 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. The ex-depot price is the price at which the product is sold by the NNPC to marketers at the depots.

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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 the PPPRA, in a seeming U-turn, deleted the template hours later. As of 9 am on Friday, the template was still on the PPPRA website but when our correspondent checked at 10:05 am, the template has been deleted.

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The website page showed ‘Page not found 404’.

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PPPRA Deletes Template Inflating Petrol Price To N212 - Brand SpurThe reason the link was deleted could however not be ascertained but it came amidst the public outrage over the increase in fuel price by Nigerians.

In the same vein, Nigerian National Petroleum Corporation (NNPC) has insisted that there is no increment in the ex-depot price of Premium Motor Spirit also known as petrol this month despite a template released by the Petroleum Products Pricing Regulatory Agency that the new price of petrol has reached N212.6 per litre.

NNPC said that despite the rise in the price of crude oil in the international market, there is no possibility that there would be an increment in the ex-depot price of Premium Motor Spirit (Petrol) in March.

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The decision of the NNPC was to allow a conclusion of the ongoing engagements with organized labour and other stakeholders on an acceptable framework that will not expose the ordinary Nigerian to any hardship.

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The NNPC had also given assurances that it has enough stock of petrol to keep the nation well supplied for about 40 days.

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