Nigeria: NNPC Insists Petrol Depot Price Will Not Increase in March

(file photo).
12 March 2021

The Nigerian National Petroleum Corporation has insisted that petrol depot price will remain unchanged in March.

This is coming as a reaction to the Petroleum Products Pricing Regulatory Agency, PPPRA fixing the pump price of Premium Motor Spirit, PMS, also known as petrol, at N212.61 per litre, for the month of March on Thursday.

In a tweet, Friday, the NNPC wrote, "JUST IN: #NNPC Insists No Increase in Ex-Depot Price of PMS in March".

Vanguard earlier reported that the PPPRA confirmed that fuel subsidy actually officially returned in February 2021, as according to the downstream oil sector regulator, the actual pump price of PMS for February was between N183.74 and N186.74 per litre, meaning that the Federal Government paid an average of N16 per litre for PMS in the month.

According to the PPPRA, based on the average cost for the period, February 1st to 28th 2021, and an average FMDQ Importer and Exporter (I&E) Naira/US Dollar Exchange Rate of N403.80, the expected retail price of PMS for March 2021, stands at N209.61 per litre and N212.61 per litre, being the lower and upper band respectively.

Vanguard News Nigeria

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