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NNPC debunks fuel hike after new price template surface online

By News Desk

The Nigerian National Petroleum Corporation (NNPC) has debunked speculations of an increase in Premium Motor Spirit (PMS) also known as fuel price after the Petroleum Products Pricing Regulatory Agency (PPPRA) released a new price template for the product across the country.

NNPC further insisted that there was no plan to introduce any price adjustment within the month of March, appealing to motorists not to engage in panic buying and that the product would be available for use always.

Following the insistence of the Corporation and the outrage that greeted the price hike, PPPRA has pulled down the price template earlier published to announce that the price for the product has reached N212.6 per litre.

In a short statement released on Friday through its official social media handle, NNPC noted that contrary to reports, there was no plan to embark on any price increase for ex-depot products, saying, NNPC Insists No Increase in Ex-Depot Price of PMS in March.

In the template earlier published by PPPRA,  petrol was expected to sell at a lower retail price of N209.61 and at an upper retail price of N212.61, but shortly after the template emanated, Nigerians condemned the move as some residents and motorist stormed fuel stations to stock the product before the new price regime take effects.

At some of the fuel stations visited by The Guild, it was observed that long queues resurfaced and many residents trooping into the stations to buy and stock the products in fear of its increase.

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