#FuelPriceHike: NNPC Insists No Increase In Petrol Depot Price

Following news making rounds that the Petroleum Products Pricing Regulatory Agency (PPPRA) has said the price of Premium Motor Spirit, also known as petrol, has reached N212.6 per litre, the Nigerian National Petroleum Corporation (NNPC) on Friday insisted that there will not be an increment in the ex-depot price of petrol this month.

The NNPC who made this known in a terse tweet via its verified Twitter handle, @NNPCgroup ruled out any increment in the ex-depot price. The ex-depot price is the price at which the product is sold by the NNPC to marketers at the depots.

The coorporation, however, assured Nigerians that there won't be any increase in the price of petrol in March.

The tweet read, “#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. Nigerian marketers usually use the upper band for pump price.

READ ALSO: Petrol Price Increases To N212 Per Litre

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.

This is despite the Nigerian Petroleum Corporation saying there won’t be any change in the price of PMS in the month of March.

JUST IN:#NNPC Insists No Increase in Ex-Depot Price of PMS in March pic.twitter.com/IQ3S3EWVlM

— NNPC Group (@NNPCgroup) March 12, 2021