There won’t be increase in petrol depot price in March, NNPC maintains

Nigerian National Petroleum Corporation has maintained that petrol depot price will not be increased in March.

This came in response to the reaction trailing the Petroleum Products Pricing Regulatory Agency putting the pump price of Premium Motor Spirit also known as petrol, at N212.61 per litre, for the month of March.

PPPRA had earlier 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. What that means is that the Federal Government paid an average of N16 per litre for PMS in the month.

The PPPRA said that 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.