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The Petroleum Products Pricing Regulatory Agency, PPPRA, has declared that its publication of monthly template, does not amount to increasing the price of petroleum products, as such increase is supposed to be determined by market forces, under the current deregulation.
In a statement obtained by newsmen on Friday, Executive Secretary, PPPRA, Abdulkadir Saidu, said that the Guiding Prices posted on the agency’s website was only indicative of current market trends and do not translate to an increase in the pump price of PMS.
In its earlier template obtained by newsmen, the agency had fixed Nigeria’s petrol price at N212.61 per litre for the month of March 2021, meaning that at the current pump price of N170 per litre, the Federal Government, through the Nigerian National Petroleum Corporation, NNPC, is still subsidising the product with N42 per litre.
However, the NNPC, apparently the only importer of the product, said it was not bent on increasing price at this time.