Despite the Nigerian National Petroleum Company (NNPC) assuring Nigerians that there would be no price increase in March, one of its agencies, The Petroleum Products Pricing Regulatory Agency (PPPRA) late Thursday night announced an increase in the retail price of petrol to N212.61 per litre
In a petrol pricing template published on its website late Thursday, PPPRA said petrol is expected to sell at a lower retail price of N209.61 and at an upper retail price of N212.61. However, Nigerian marketers usually use the upper band for pump price.
It was not however clear whether it was a mere projection or what will obtain at Petrol Stations especially from today, Friday as Nigerian Petroleum marketers are always quick to upgrade an increase in price tags but will give excuses when the price tag is low.
According to the document, the landing cost of petrol is N189.61.
The ex-depot price, which is the rate marketers get the product, was fixed at N206.42.
However, the new pricing template came as shocking news to Nigerians because the Nigerian National Petroleum Corporation (NNPC) recently ruled out an increase in the ex-depot price of petrol in March saying it had enough stock to last for 40 days.
Kennie Obateru, the NNPC spokesman, had said the decision was taken “in order not to jeopardize ongoing engagements with organized labor and other stakeholders on an acceptable framework that will not expose the ordinary Nigerian to any hardship”.
In February, the NNPC had also allayed fears over the possible increase in the price of petrol, amid concerns about the rising price of crude oil on the global market.
Nigerians have now taken to social media to express their dissatisfaction with the new petrol pricing template published by PPRA.