FG Didn’t Hike Pump Price Of Fuel

By Adewole Kehinde

Almost all the media houses published this morning that the Federal Government through the PPPRA has hiked the price of fuel to N212.

I will like to enlighten Nigerians that what the PPPRA has done is advisory and within its regulatory framework.

Breakdown of average littering expenses are as follows: N4.81 per Litre; Nigerian Ports Authority (NPA) charge N2.49 per Litre; NIMASA charge N0.23 per Litre; Jetty Through port of N1.61 per Litre and Storage charge of N2.58 per Litre and average finance cost of N2.17 per Litre, translating to an expected landing cost per Litre of N189.61.

The wholesale margin was fixed at N4.03 per Litre; administration Charge, N1.23 per Litre; transporters’ allowance of N3.89 per Litre; Bridging Fund cost of N7.51 per Litre and Marine transport average (MTA) of N0.15 per Litre.

It should be emphasized that without this advisory, marketers can sell at N230 per Litre.

It will be recalled that contrary to speculations of imminent increase in the price of Premium Motor Spirit in the country, the Nigerian National Petroleum Corporation (NNPC) has ruled out any increment in the ex-depot price of petrol in March, 2021.

According to a press release by the Group General Manager, Group Public Affairs Division, Dr. Kennie Obateru, on the 28th February, 2021 stated that the Corporation was not contemplating any raise in the price of petrol in March in order not to jeopardize ongoing engagements with organized labour and other stakeholders on an acceptable framework that will not expose the ordinary Nigerian to any hardship.

NNPC also cautioned petroleum products marketers not to engage in arbitrary price increase or hoarding of petrol in order not to create artificial scarcity and unnecessary hardship for Nigerians.

The Corporation stated that it has enough stock of petrol to keep the nation well supplied for over 40 days and urged motorists to avoid panic buying.

It further called on relevant regulatory authorities to step up monitoring of the activities of marketers with a view to sanctioning those involved in products hoarding or arbitrary increase of pump price.

I must also commend the Nigerian National Petroleum Corporation (NNPC) for coming out to insist that there is no hike price pump price of fuel.

Adewole Kehinde is the Publisher of Swift Reporters and can be reached via 08166240846, 08123608662

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