Nigerian National Petroleum Corporation has on Friday, March 12 countered Petroleum Products Pricing Regulatory Agency (PPPRA) on increase in fuel price.
NNPC in a post on its official Twitter page insisted that there is no increase in depot price of Premium Motor Spirit.
Read Also: PPPRA Puts New Petrol Pump Price At N212.61 Per Litre
The post read: “NNPC insists no increase in Ex-Depot Price of PMS in March.”
JUST IN:#NNPC Insists No Increase in Ex-Depot Price of PMS in March pic.twitter.com/IQ3S3EWVlM
— NNPC Group (@NNPCgroup) March 12, 2021
NNPC’s statement countered report posted by PPPRA on Thursday night via its website, announcing an increase in fuel price.
PPPRA in its announcement explained that the hike was due to the market determinants and importation costs.
The regulatory agency fixed the lower band of the new fuel price at N209.61 per litre and upper band at N212.61 per litre.
NNPC in its latest statement this morning re-emphasised its February 28 statement that assured Nigerians that there would be no increase in fuel price.
The commission through its spokesman, Kennie Obateru, said;
Contrary to speculations of an imminent increase in the price of PMS in the country, the NNPC has ruled out any increment in the ex-depot price of petrol in March.
The agency promised that petrol price would remain static this month to allow smooth negotiations between the government and labour unions, but the PPPRA template follows the increasing price of crude at the international market as well as instability in exchange rate.
It however cautioned against “artificial scarcity”, following scarcity of fuel that was witnessed in some states last week amid fears of a rise in gasoline costs.
Lines of cars waiting to enter petrol stations snarled the traffic in Lagos, while some stations in the capital Abuja stopped selling fuel for fear of losing money if prices rose.
