No hike in petrol depot price this month, NNPC insists

Against the backdrop of the release of a new pricing template by the Petroleum Products Pricing Regulatory Agency, the Nigerian National Petroleum Corporation has again ruled out any increment in the ex-depot price of Premium Motor Spirit (petrol).

Markets Reporters had earlier reported that Nigerians hoping that petrol price would not be increased this month on the back of the assurance from the Nigerian National Petroleum Corporation may be disappointed soon.

The PPPRA, an agency of the Federal Government, released the pricing template on Friday which showed that the petrol price is expected to increase by at least 30 per cent increase this month.

“NNPC insists no increase in ex-depot price of PMS in March,” the national oil company said on Friday on its Twitter handle.

The ex-depot price is the price at which the NNPC sells petrol to marketers at its depots.

The NNPC, which has been the sole importer of petrol into the country in recent years, had on Mar. 1 ruled out any increment in the ex-depot price of product in March, against the backdrop of speculations of an imminent increase in the price.

A statement by the Group General Manager, Group Public Affairs Division, Dr Kennie Obateru, had said the corporation was not contemplating any raise in the price of petrol in March in order not to jeopardise ongoing engagements with organised labour and other stakeholders on an acceptable framework that would not expose the ordinary Nigerian to any hardship.

The PPPRA, in its new template, put the expected landing cost of imported petrol at N189.61 per litre and the ex-depot price at N206.42 per litre.

The retail price (pump price) is expected to range between N209.61 and N212.61 per litre, according to the template.

Petrol is currently being sold at between N162 and N165 per litre in most filling stations in Lagos, the country’s commercial capital.