BREAKING: NNPC reacts to fuel price hike, issues fresh update

BREAKING: NNPC reacts to fuel price hike, issues fresh update

- NNPC has reacted to the purported fuel hike price following the projection of the PPPRA which put petrol price at N212.11 per litre

- The corporation insisted that there won't be any increase in the ex-depot price of petrol in the month of March

- The PPPRA had earlier said the ex-depot price will be N206.42, while the landing cost stands at N189.61 per litre

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The Nigerian National Petroleum Corporation (NNPC) has insisted there is no increase in the ex-depot price of petrol in the month of March.

The corporation said this following the Petroleum Products Pricing Regulatory Agency (PPPRA)'s projection of the price of petrol at N212.11 per litre.

Fuel Price Hike: NNPC insists no increase in ex-depot price of petrol in March
The Nigerian National Petroleum Corporation (NNPC) has insisted there is no increase in ex-depot price of petrol in March. Photo credit: @NNPCgroup
Source: Twitter

The NNPC stated its position in a tweet via its official handle sighted by Legit.ng on Friday, March 12.

The PPPRA had announced the N212.11 per litre price in its pricing template for the month of March.

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The agency said it based the price on the average costs of imported petroleum products, adding that the ex-depot price will be N206.42, while the landing cost stands at N189.61 per litre.

Nevertheless, Nigerians still want the NNPC to issue a clearer and detailed statement regarding the development.

A Twitter user, Ayodele Daramola, @AyodeleDaramola, said in reaction to the NNPC's brief statement:

"You need to explain what you mean, PPPRA announced N209-212, pumps have been adjusted accordingly and yet you said no increase in ex-depot price. Please let's know what you mean, you need to break it down for us."

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Earlier, Legit.ng reported that the federal government said plans had been concluded to host a national conference on the integration of artisanal/modular petroleum refinery operations.

This was disclosed by Ita Enang, the senior special assistant to the president on Niger Delta Affairs, during a press conference on Tuesday, March 9, in Abuja.

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Enang had said the aim of the conference is to seek ways to increase refining capacity and cause a drop in the price of petroleum products.

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Nurudeen Lawal is a Legit.ng journalist passionate about fact-checking/verification journalism. He holds a Bachelor of Arts degree in Literature-in-English from Obafemi Awolowo University, Ile-Ife, Osun State. As Politics Editor, Nurudeen mostly writes on Nigeria’s political and socio-economic developments. He has attended different workshops, conferences and training on fact-checking and digital reporting, among others. Learn more about him on Twitter, @Nurudeen Lawal_

Source: Legit

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