By Nkoli Opara (AGENDAWATCHDOG) – The price of Premium Motor Spirits has hit N212 litre, days after the Nigerian National Petroleum Corporation (NNPC) denied that it was planning to hike the price of the product.
This latest price hike took effect on Thursday night, when the Petroleum Products Pricing Regulatory Agency (PPPRA) released the latest guiding retail price in a template published on its website, where the agency explained that the increment was due to market forces and importation costs.
PPPRA fixed the lower band of the new fuel price at N209.61 per litre and upper band at N212.61 per litre. The price was calculated on the approved average importer & exporter (I&E) Naira exchange rate per dollar of N403.80. The crude oil price at the international market is currently $70/barrel.
Kennie Obateru, NNPC spokesman, had late last month, assured, via a statement, that there would be no increment in the price of PMS, following reported long queues in some states.
“Contrary to speculations of an imminent increase in the price of PMS in the country, the NNPC has ruled out any increment in the ex-depot price of petrol in March”, Obateru had assured. �S5ۛ1#O4�