NNPC insists that price of petrol hasn't been increased

Motorists say they are currently purchasing petrol at the old rate of N162/liter.

The Group Managing Director of NNPC, Mallam Mele Kyari. [Twitter/@OfficialNCDMB]

The PPRA issued a lower band of N209.61 and a higher band of N212.61 per liter for the month of March, in its latest template guide.

PPRA's guide contradicts the NNPC's position of no pump price adjustment in March.

On March 1, the NNPC had said: "the corporation is not contemplating any raise in the price of petrol in March in order not to jeopardize ongoing engagements with organised labour and other stakeholders on an acceptable framework that will not expose the ordinary Nigerian to any hardship.”

With Nigerians reacting angrily to news of a new petrol price adjustment on March 12, the NNPC issued a tweet to say there "is no increase in ex-depot price of PMS in March."

The ex-depot price is the price at which petrol is sold by the PPMC (Petroleum Products Marketing Company) to marketers at the depots.

The PPPRA has also deleted the new pricing template on its website.

Several motorists have confirmed to Pulse at the time of filing this story that they are currently purchasing petrol at the pumps at the old rate of N162/liter.

The federal government has repeatedly announced that it has ended a corruption-riddled petrol subsidy regime that was costing the nation $2 billion annually.

Ending the subsidy regime was always going to be a politically dangerous move -- a string of rebounds in global oil prices could rouse the opposition and test the administration’s resilience.

Previous attempts, noticeably in 2012, to wean Nigerians off cheap gasoline led to major anti-government protests on the streets.

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