NNPC
BreakingTop StoryTrending Story

FG, NNPC distance themselves from N212.6k per litre of petrol announced by PPPRA

140

 

 

 

Not withstanding a new price template of  N212.6 per liter of petrol by the Petroleum Products Pricing Regulatory Agency (PPPRA), the Federal Government says it is not planning to raise petrol price in March.

Also confirming the government’s position,  the Nigerian National Petroleum Corporation (NNPC) ruled out any possible increase for now.

The PPPRA had in its monthly template released late on March 11 advised that the retail price of petrol should sell between N209.61 and N212.61.

The landing cost for petrol per litre was put at N189.61 shooting up the ex-depot price to N206.42 per litre.

Investigation shows that while the template is used to advise the government on what the market price of fuel should be, the NNPC being the sole importer of petroleum products for now, is currently bearing the price burden.

It was also learnt that scarcity of foreign exchange has made it difficult for major marketers to import products, thereby making NNPC the sole importer and marketer of last resort in line with its statutory functions.

With the price differentials being borne by NNPC,  Nigerians will continue to buy petrol at the current price of N164 and N170 per litre in March.

With the deregulation of the downstream sector, the price of petrol had risen from N121.50 to N123.50 per litre in June, to N140.80-N143.80 in July, N148-N150 in August, N158-N162 in September and N163 in November.

Since November 2020, petrol has remained unchanged despite an increase in crude oil price in the international market.

Persecondnews recalls that while fuel subsidy was removed in June 2020, the price of crude oil was about $45 per barrel.

But by March 11, the price of crude oil hit a 13-month high of about $70 per barrel, far higher than the 2021 Federal Government budget benchmark price of $40 per barrel.

While expectations are high that there would be more revenue from crude oil sales by the NNPC for the government, the adverse effect would be on the imported price of crude oil.

But the NNPC said that it has no plan to increase the price of fuel as speculated by stakeholders.

The corporation said that despite the rise in the price of crude oil in the international market, there is no possibility that there would be an increment in the ex-depot price of Premium Motor Spirit (Petrol) in March.

NNPC is waiting for conclusion of the ongoing negotiation and dialogue between the organized labour and other stakeholders on an acceptable price framework that will not expose the ordinary Nigerian to any hardship.

Meanwhile, NNPC has restated that has enough stock of petrol for about 40 days.

Leave a comment

Related Articles

Breaking: Helicopter carrying Iran’s president crashes

A helicopter carrying Iranian President, 63-year-old Ebrahim Raisi, has reportedly suffered a...

FG appoints ex-Govs. Yuguda, Elechi, Shinkafi, Ngilari, APC’s lawyer, Olanipekun, others Chairmen of varsities’ governing councils

The Federal Government has announced the names of the Pro-Chancellors, Chairmen, and...

Fake News: No fire outbreak from our tank farm in Lagos—NNPC Ltd.

The Nigerian National Petroleum Company Limited (NNPC Ltd) has debunked a report...

Just in: Court denies Binance executive Tigran Gambaryan bail

A Federal High Court sitting in Abuja has denied the bail application...

No attempt to illegally use pension funds for infrastructure development – FG

Minister of Finance Wale Edun has refuted claims that the Federal Government...

FG opens student loan application portal May 24

The Federal Government has announced May 24, 2024, as the official date...

Just in: Tinubu, Senegalese President, in closed-door meeting at Aso Rock

President Bola Tinubu is in a closed-door meeting with the new Senegal...

Breaking: Pres. Tinubu inaugurates three milestone gas infrastructure projects in Delta, Imo States

President Bola Tinubu inaugurated three landmark projects on Wednesday, which include the...

Pres.Tinubu set to inaugurate Kwale Gas Processing Plant (GPP-1)

President Bola Tinubu is set to inaugurate the three critical gas infrastructure...

Gov. Fubara opens can of worms, says Wike’s projects debts gargantuan, killing

Rivers Gov. Siminalayi Fubara has opened up on the colossal debts handed...

FG plans performance-based salary scheme for its workforce

A new performance-related pay system for employees in the federal civil service...

Just in: Gov. Fubara to probe predecessor, Wike, inaugurates panel of inquiry

Barring last minute change of plans, Rivers Gov. Siminalayi Fubara, has indicated...

Tinubu at FEC meeting, orders MDAs to procure CNG vehicles

In a bid to harness Nigeria’s gas potential, President Bola Tinubu has...

Tinubu swears in two NPC commissioners

President Bola Tinubu has appointed two more commissioners to the National Population...

Presidency breaks silence on Rivers political crisis, says will be neutral but Rivers govt. must function

As the political crisis in Rivers State rages, President Bola Tinubu says...

Breaking: Rivers High Court Restrains Amaewhule, 24 Others From Parading Themselves As Lawmakers

The Rivers State High Court in Port Harcourt issued an interim injunction...

Prince Harry, wife arrive in Nigeria, pledge to promote Invictus Games

Prince Harry and his wife, Meghan Markle, have arrived in Nigeria for...

Breaking: Davido retires from music

David Adeleke, a.k.a. Davido, an award-winning Afrobeats sensation and master of the...

Reps ask CBN to suspend implementation of 0.5% cybercrime levy

The House of Representatives, during Thursday’s plenary session, has directed the Central...

Breaking: Ex-Aviation Minister Sirika, daughter, two others arraigned, granted N400m bail

A Federal Capital Territory High Court on Thursday granted Hadi Sirika, former...