FG makes U-turn, reverses increase of fuel price after outcry

In the wake of the outrage that greeted the increase in the price of Premium Motor Spirit also known as petrol, the Petroleum Products Pricing Regulatory Agency, on Friday, deleted an earlier published template announcing that the new price of petrol has reached N212.6 per litre.

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.

According to the 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.

Earlier released template by the PPPRA

The expected ex-depot price, as seen in the template, is N206.42, while the landing cost is N189.61. The ex-depot price is the price at which the product is sold by the NNPC to marketers at the depots.

With ex-depot price standing at N206.42 per litre, the March template shows that the landing cost for petrol per litre is N189.61.

But the PPPRA, in a seeming U-turn, deleted the template hours later. As of 9am on Friday, the template was still on the PPPRA website but when our correspondent checked at 10:30am, the template has been deleted. The website page showed ‘Page not found 404’.