Marketers ignore implementation, 48 hrs after take-off of new petrol price

The Nigerian National Petroleum Corporation (NNPC) and most of the oil marketing companies at the weekend ignored the implementation of the approved new pump and ex-depot prices of petrol, which took effect on January 1, 2016, ThisDay reports.

This is coming as the marketers have argued that all the basic assumptions, permutations and projections by the government in the new pricing model are unrealistic in view of the high cost of foreign exchange.

Under the revised pricing template by the Petroleum Products Pricing Regulatory Agency (PPPRA), the government had approved two pump prices – one for the retail outlets of the NNPC, which would sell at N86 per litre, and another for the retail outlets operated by the private oil trading companies, which would sell at N86.50 per litre.

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