The Nigeria National Petroleum Corporation (NNPC) has insisted there would be no increase in the ex-depot price of petrol for the month of March despite the Petroleum Products Pricing Regulatory Agency (PPPRA) announcing N212.61 per litre pump price for the month.
The ex-depot price is the price at which depot owners sell the commodity to retail outlets.
“NNPC Insists No Increase in Ex- Depot Price of PMS in March,” NNPC tweeted on Friday morning via its Twitter handle.
The reaction comes after the PPPRA announced Friday morning that the recommended retail price for petrol is between N209.61 and N212.61 per litre.
BusinessDay correspondent who visited some filling station along Ikorodu Road in Lagos, Nigeria’s commercial capital, observed that some major oil marketers were selling within the range of N159 to N162 per litre.
Nigerians have been anticipating an increase in the retail price of petrol after crude oil price rose to as high as $71 per barrel.
