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Fuel Price Increase: Nigerians Pushed To The Wall?

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The Petroleum Products Pricing Regulatory Agency, (PPPRA) on Friday, deleted an earlier published template announcing that the new price of petrol has reached N212.6 per litre.

The sudden U- turn may not be unconnected with the public outcry that greeted the planned petrol price increase
, crying loud and clear that they have been pushed to the wall.

The deletion came hours after the agency published the template on its website, http://pppra.gov.ng/pms-guiding-price-for-march-2021/, and after the Nigerian National Petroleum Corporation insisted that there was no increment in the ex-depot price of petrol.

The ex-depot price is the price at which the product is sold by the NNPC to marketers at the depots.

According to the (now deleted) template which the PPPRA released midnight, petrol is expected to sell at a lower retail price of N209.61 and at an upper retail price of N212.61. Nigerian marketers usually use the upper band for pump price.

The expected ex-depot price, as seen in the template, is N206.42, while the landing cost is N189.61.
With ex-depot price standing at N206.42 per litre, the March template (now deleted)  showed that the landing cost for petrol per litre is N189.61.

But the PPPRA, in a seeming U-turn, deleted the template hours later.

 

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