The Nigerian National Petroleum Corporation (NNPC) has insisted that the ex-depot price of Premium Motor Spirit (PMS), popularly known as Petrol, will not be increased in March.
This was disclosed by the corporation via its Twitter handle on Friday.
Contrary to the PPRA template, which was released earlier on Friday, NNPC assured Nigerians that there wont be any increase in the price of petrol in March.
— NNPC Group (@NNPCgroup) March 12, 2021
The ex-depot price is the price at which the product is sold by the NNPC to marketers at the depots.
According to PPPRA template, 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.
The expected ex-depot price, as seen in the template, is N206.42, while the landing cost is N189.61.
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.