Eleven days after the Nigerian Nationwide Petroleum Company (NNPC) launched an announcement saying that there’ll be no improve in petrol pump value in March, the Petroleum Merchandise Pricing Regulatory Company, PPPRA, has mounted the pump value of Premium Motor Spirit, PMS, often known as petrol, at N212.61 per litre, for the month of March.
In keeping with the PPPRA’s PMS guiding value launched to stakeholders, the N212.61 value is meant to begin from March 1st and run until March 31st, 2021.
Nonetheless, indications within the oil sector counsel that the Federal authorities via the NNPC has resumed subsidizing the product as it’s nonetheless been offered at a median of N170 in petrol stations throughout the nation
NNPC is claimed to be spending a median of N42 to subsidise a litre of the commodity for Nigerians. The PPPRA confirmed that gas subsidy really formally returned in February 2021, as in response to the downstream oil sector regulator, the precise pump value of PMS for February was between N183.74 and N186.74 per litre, which means that the Federal Authorities paid a median of N16 per litre for PMS within the month. Nonetheless, in January 2021, the PPPRA disclosed that the value of the commodity was between N163.36 per litre and N166.36 per litre.
In keeping with the PPPRA, based mostly on the common price for the interval, February 1st to 28th 2021, and a median FMDQ Importer and Exporter (I&E) Naira/US Greenback Change Price of N403.80, the anticipated retail value of PMS for March 2021, stands at N209.61 per litre and N212.61 per litre, being the decrease and higher band respectively.
On February 28, NNPC launched an announcement via its spokesperson, Kenneth Obateru, assuring Nigerians that there can be no improve in pump value.
“Opposite to speculations of an imminent improve within the value of PMS within the nation, the NNPC has dominated out any increment within the ex-depot value of petrol in March”, he famous.