The Nigerian National Petroleum Corporation (NNPC) has insisted that there is no increase in the ex-depot price of Premium Motor Spirit also known as petrol this month.
This is despite a template released by the Petroleum Products Pricing Regulatory Agency (PPPRA) that the new price of petrol has reached N212.6 per litre.
The ex-depot price is the price at which the product is sold by the NNPC to marketers at the depots.
In a post on its verified Twitter handle on Friday, the NNPC ruled out any increment in the ex-depot price.
“#NNPC Insists No Increase in Ex-Depot Price of PMS in March,” the agency tweeted hours after the PPPRA released the template.
JUST IN:#NNPC Insists No Increase in Ex-Depot Price of PMS in March pic.twitter.com/IQ3S3EWVlM
— NNPC Group (@NNPCgroup) March 12, 2021
The PPPRA had announced late Thursday that the retail price for a litre of petrol for the month will be between N209.61 and N212.61.
According to the PPPRA, the ex-depot price, which is the amount sold by fuel depot owners to marketers, will be N206.42, while the landing cost stands at N189.61 per litre.
There had been concerns the government, which says it has deregulated the sector and no longer pays subsidy, would raise rates as crude oil prices have seen a rebound in the global market.
