FG retains fuel price at N86

The federal government has retained the prices of petrol at N86.00 per litre for NNPC retail stations and N86.50 for the other marketing companies.
The government said that the pump price of household kerosene (HHK) also remains unchanged from what it was in the last quarter (N83/litre)·
Going by the government’s price modulation policy introduced in January, a new pump price for petroleum products was expected to be released April 1 to last through the 2nd quarter of the year.
The expected new price fuelled rumours that the government was planning to increase the pump price following the marginal rise in the price of crude in the international market.
The Petroleum Products Pricing Regulatory Agency (PPPRA), which announced the retention of the price in a statement yesterday, urged members of the public to ignore any rumour to the contrary.
Acting Executive Secretary of the agency, Mrs. Sotonye Iyoyo, said in the statement that, “PPPRA however, shall continue to monitor the global oil market performances and come up, at the appropriate time, with reasonable changes consistent with the newly-adopted price modulation principles.”