The Federal Government says it is not planning to raise petrol price in March.
Also confirming the government’s position, the Nigerian National Petroleum Corporation (NNPC) ruled out any possible increase for now.
The PPPRA had in its monthly template released late on March 11 advised that the retail price of petrol should sell between N209.61 and N212.61.
The landing cost for petrol per litre was put at N189.61 shooting up the ex-depot price to N206.42 per litre.
With the price differentials being borne by NNPC, Nigerians will continue to buy petrol at the current price of N164 and N170 per litre in March.
While expectations are high that there would be more revenue from crude oil sales by the NNPC for the government, the adverse effect would be on the imported price of crude oil. But the NNPC said that it has no plan to increase the price of fuel as speculated by stakeholders.
NNPC said that despite the rise in the price of crude oil in the international market, there is no possibility that there would be an increment in the ex-depot price of Premium Motor Spirit in March. NNPC is waiting for conclusion of the ongoing negotiation and dialogue between the organized labour and other stakeholders on an acceptable price framework that will not expose the ordinary Nigerian to any hardship.
Meanwhile, NNPC has restated that has enough stock of petrol for about 40 days.
