Fuel price hike: NNPC fumes as PPPRA pulls down pricing template for March after public outcry
The Nigerian National Petroleum Corporation has countered the Petroleum Products Pricing Regulatory Agency (PPPRA) on increase in fuel price.
NNPC in a post on its official Twitter page insisted that there is no increase in depot prise of Premium Motor Spirit.
The post read: “NNPC insists no increase in Ex-Depot Price of PMS in March.”
The counter statement was issued following announcement of fuel pump price hike by the Petroleum Products Pricing Regulatory Agency (PPPRA) in its March template, is N212.6 per litre.
According to the template, expected ex-depot price is N206.42 while the landing cost is N189.61 for the month of March, 2021.
PPPRA in its announcement further explained that the hike was due to the market determinants and importation costs.
Meanwhile, The Guardian reports that the Nigeria’s petrol price regulator has pulled down the pricing template for March a few hours after it published it. “PLEASE BE INFORMED THAT PUBLISHED PRICES ARE ONLY INDICATIVE OF CURRENT MARKET TRENDS,” Petroleum Products Pricing Regulatory Agency said on Friday after deleting the template.
The development came after heavy criticism as Nigerians believe it was insensitive for the government to impose such a fee considering the current inflation rate in the country.
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