In what looked like an afterthought, the Petroleum Products Pricing Regulatory Agency, PPPRA, has deleted a template announcing the new price of petrol stands N212.6 per litre from its website.
Recall the petrol pricing agency had published the template on its website Thursday evening, announcing the new petrol price pegged at N209.61 at retail market, while the upper retail price was pegged at N212.61.
In its pricing template for the month of March, the PPRA said the average littering expenses were put at N4.81 per litre; Nigerian Ports Authority, NPA charge N2.49 per litre; NIMASA charge N0.23 per litre; Jetty Thru ‘Put Charge of N1.61 per litre and Storage charge of N2.58 per litre and average finance cost of N2.17 per litre, translating to an expected landing cost per litre of N189.61.
The wholesale margin was fixed at N4.03 per litre; administration charge, N1.23 per litre; transporters’ allowance (NTA) of N3.89 per litre; Bridging Fund cost of N7.51 per litre and Marine transport average (MTA) of N0.15 per litre.
But following public outcry resulting in panic buying, the agency made a U-turn and deleted the template hours later.
Although there was no official communication as to the reason for the removal of the new template, the PPPRA website said: “Please be informed that published prices are indicative of current market trend”.