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#FuelPriceHike: NNPC Insists No Increase in Petrol Depot Price

The Nigerian National Petroleum Corporation has insisted that there is no increment in the ex-depot price of Premium Motor Spirit also known as petrol this month despite a template released by the Petroleum Products Pricing Regulatory Agency that the new price of petrol has reached N212.6 per litre.

The ex-depot price is the price at which the product is sold by the NNPC to marketers at the depots.

The NNPC ruled out any increment in the ex-depot price on Friday in a terse tweet via its verified Twitter handle, @NNPCgroup.

“#NNPC Insists No Increase in Ex-Depot Price of PMS in March,” it tweeted hours after the PPPRA released the template.

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.

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.

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