By Ayo Kehinde
Seven days after the Nigerian National Petroleum Corporation promised Nigerians that fuel price would not be increased, the Federal Government has announced the new pump price of petrol at N212 per litre. NNPC spokesman, Kennie Obateru on February 28, gave the assurance when he addressed the queues that were building over the country in anticipation of the increase.
According to him, “Contrary to speculations of an imminent increase in the price of PMS in the country, the NNPC has ruled out any increment in the ex-depot price of petrol in March”, he noted.
However, the Petroleum Products Pricing Regulatory Agency (PPPRA) in a release on Thursday night, stated that a litre of fuel would now be sold for prices ranging from N209 to N212 per litre for March compared to the N186 it retailed for in February.
In a template published on its website, the PPPRA explained that the increment was due to the market determinants and importation costs.
“The expected ex-depot price for wholesale products marketers now stands at N206.42 per litre.
“The addition of retailers’ margin of N6.19 per litre would bring the expected retail price (lower band) N209.61 per litre and expected retail price (upper band) N212.61 per litre”, it stated.
Following public outcry against the increase, the PPPRAT deleted the statement hours after the agency published the template on its website, http://pppra.gov.ng/pms-