The Nigerian National Petroleum Corporations (NNPC) denied increasing the Ex-depot price of Premium Motor Spirit (PMS) also known as petrol.
The Group General Manager, Group Public Affairs Division of the Corporation, Dr Kennie Obateru, disclosed this while addressing press in Abuja on Friday.
Ex-deport price is the price at which oil marketers buy products at the depots, the price is what determines the price at which petrol stations will sell to motorists.
He spoke while reacting to new PMS Pricing template released by the Petroleum Products Pricing Regulatory Agency (PPPRA) that indicted N212.61k Pumb price for the month of March.
Obateru urged Nigerians and motorists not to engage in panic buying of the products as the corporation had no plans to increase its ex-depot price.
“NNPC stands by that statement that we issued on March 1 that we are not increasing the Ex-depot price in the month of March and that is what it is.
“There is no need for panicking and I can tell you from our own point of view that we will not increase the pump price of petrol and we are still standing by that March 1 decision.
“We have sufficiency of product in the country and there is really no need for the public to panic. Like I have stated, the ex-depot price for the NNPC is still at it is, it has not increase and it will not increase in this month of March,’’ he said.
Meanwhile, PPPRA on its website on March 11, had fixed the pump price of petrol, at N212.61 per litre, for the month of March in its PMS guiding price template and said it would run from March 1 to March 31.
According to the PPPRA, based on the average cost for the period, Feb. 1st to Feb. 28th 2021, and an average FMDQ Importer and Exporter (I& E) Naira/US Dollar Exchange Rate of N403.80, the expected retail price of PMS for March 2021, stands at N209.61 per litre and N212.61 per litre.
This, it said remained the lower and upper band respectively.
Giving a breakdown of the cost elements of the commodity, the PPPRA put the Expected Ex-Coastal price at N175.73 per litre, comprising Average gasoline price (FOB Rotterdam barge), and Average freight rate of N169.22 and N6.51 per litre respectively.
Meanwhile a check by the News Agency of Nigeria (NAN) revealed that most petrol Stations were selling petrol at the old price of between N162 and N168 per litre.
Some NNPC petrol Stations visited are dispensing to motorists at N162 per litre.