Queues Back At Stations As Confusion Trails Fuel Price Hike

BY OUR CORRESPONDENT

Many petrol stations across the country were yesterday shut while those opened for business were besieged by long queues as motorists engaged in panic buying following the controversy that trailed reports of increase in fuel price.

The Petroleum Products Pricing Regulatory Agency (PPPRA) had published its template for the month of March indicating that a litre of petrol will sell for N212.61.

According to the template released by PPPRA yesterday night and was later deleted, petrol is expected to sell at a lower retail price of N209.61 and at an upper retail price of N212.61.

The announcement immediately sparked outrage and panic buying across the country.
The PPPRA however made a U-turn as it deleted the announcement made on its website announcing the N212.61 petrol price increase for the month of March.

The decision may not be unconnected with the warning by the Nigerian National Petroleum Corporation (NNPC) which is the sole importer of the product.

NNPC insisted that there was no increment in the ex-depot price of petrol this month.
The executive secretary of PPPRA, Abdulkadir Saidu, in a statement however, gave clarification on the agency’s action.
He said, “The PPPRA by this release wishes to state clearly that the Guiding Prices posted on our website was only indicative of current market trends and do not translate to any increase in pump price of PMS. However, publications by the media to this effect have been misconstrued and thus misleading.

“The Agency wishes to remind the general public of the introduction of the Market-Based Pricing Regime for PMS Regulation 2020 as gazetted by the Federal Government. Based on this regulation, prices are expected to be determined by market realities in line with the dictates of market forces.

Also, the federal government assured the tripartite labour community of the organised labour, organised private sector and all Nigerians that there…