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Breaking News: Petrol hits N212 per litre days after NNPC denied price hike

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Eleven days after the Nigerian National Petroleum Corporation (NNPC) promised there would be no price hike for Premium Motor Spirit, popularly known as petrol in March, the price has hit N212 litre.

On February 28, NNPC spokesman, Kennie Obateru, gave the assurance in a statement, in reaction to the long queues in some states.

“Contrary to speculations of an imminent increase in the price of PMS in the country, the NNPC has ruled out any increment in the ex-depot price of petrol in March”, he noted.

But on Thursday night, the Petroleum Products Pricing Regulatory Agency (PPPRA) released the latest guiding retail price.

Breaking News: Petrol hits N212 per litre days after NNPC denied price hike
In a template published on its website, the agency explained that the increment was due to the market determinants and importation costs.

PPPRA fixed the lower band of the new fuel price at N209.61 per litre and upper band at N212.61 per litre.

The price was calculated on the approved average importer & exporter (I&E) Naira exchange rate per dollar of N403.80. The crude oil price at the international market is currently $70/barrel.

PPPRA said the average price per ton of the commodity is about $561.96, or N169.22 per litre, while the average freight rate cost $21.63 per ton, or N6.51 per litre. The ex-coastal price is N175.73 per litre.

For component charges, the average littering expenses cost N4.81 per litre; Nigerian Ports Authority (NPA) charge N2.49 per litre; NIMASA charge N0.23 per litre.

Jetty Through Put charge is N1.61 per litre; Storage charge is N2.58 per litre, and average finance is N2.17 per litre, translating to an expected landing cost per litre of N189.61.

There is the wholesale margin of N4.03 per litre; administration charge of 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.

The expected ex-depot price for wholesale products marketers now stands at N206.42 per litre. The addition of retailers’ margin of N6.19 per litre would bring the expected retail price (lower band) N209.61 per litre and expected retail price (upper band) N212.61 per litre.


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1 Comment

1 Comment

  1. Adegbite Adedolapo

    March 12, 2021 at 8:20 am

    Nigeria which way 😭😭😭
    NEPA too brings crazy bills every month
    There’s no revolution at all
    May God help us

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ENTERTAINMENT

Lady reveals how her Estate people beat up man who faked seizure to collect money

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Lady reveals how her Estate people beat up man who faked seizure to collect money

A woman has disclosed how a man was attacked by the people living in her estate after he faked a seizure to get money from them.

Read also: “His father’s carbon copy” – Fans react as new video of Mohbad’s son pops up online

The woman detailed the incident in detail on her Twitter feed, @TheNonye, where she shared this.

She claimed that the man had come to the estate the day before, acting out a seizure and even foaming at the mouth to make it seem real.

When the estate’s residents saw this, they made an effort to assist; one woman even called her brother, a doctor, to ask for help.

Update: Click HERE to join our WhatsApp group and get news and entertainment notifications directly on your WhatsApp!

The man told them he was suffering from an ulcer and that he could no longer afford his medications, so they gave him some money so he could buy medication and food.

But an Estate worker discovered a video of the same man who was apprehended for staging a seizure.

Nevertheless, the man came back the following day in an attempt to get the remaining sum of money they had promised to pay him.

Now that they knew about his deception, the inhabitants beat him to barely an inch of his life.

See the video below:


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ENTERTAINMENT

“Why men need side chics” – Preacher reveals, netizens react

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“Why men need side chics” – Preacher reveals, netizens react

Nigerian preacher has mentioned the four important reasons why a man needs a side chick

Read also: “This made me cry” – Hot tears drop as lady visits her mother who sells Kuli-kuli during sign-out day at university

The pastor explained in an Instagram video that, despite what is commonly believed, men need women by their sides in addition to their marriages.
He disclosed the four key reasons for side chicks’ importance.

The first explanation offered by the pastor was stupidity. He said that having side chicks is the finest way for a man to look dumb.

In response to a question about why guys are still searching for Coke after they have one, he pointed out that Coke in a bottle, can, or plastic is still Coke.

He identified premature death as the second reason why males require a side chick.

According to the preacher, a guy who wishes to pass away too soon must overwork his heart and stuff his body with unnecessary items.

He mentioned shame and embarrassment as additional reasons. A man who enjoys dishonor and shame, according to him, needs a side chick because that’s what he will eventually get.

According to him, a man should only require a side chick if he enjoys difficulty and turmoil.

Update: Click HERE to join our WhatsApp group and get news and entertainment notifications directly on your WhatsApp!

Reacting,

womeninporthacourt wrote: “This man is a national treasure. Protect him at all cost”

adeoluolatomide said: “While I understand you, sir… I prefer to have Coca-Cola in a bottle… I love it. 😂😂😂”

wallpaperplace reacted: “Listen to him before commenting! 🤣🤣🤣🤣🤣🤣🤣🤣🤣🤣”

mizkimorahprecious wrote: “Y’all listen before commenting! Na like this una take pass exams? Wisdom sir….make we buy azul for u 😂”

Watch the video below:


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ENTERTAINMENT

Tope Maggie, Ogbomoso-based Chef, set to dethrone Irish chef, Alan Fisher as he begins 200-hour cook-a-thon

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Tope Maggie, Ogbomoso-based Chef, set to dethrone Irish chef, Alan Fisher as he begins 200-hour cook-a-thon

Tope Maggie, an Ogbomoso-born Nigerian chef, is presently attempting to outdo Irish chef Alan Fisher in a 200-hour cooking marathon competition.

Read also: “God has been so good to me” – Uriel Oputa says as she promises to giveaway two wigs

This challenge comes after Alan Fisher recently beat Nigerian chef Hilda Baci to become the record holder for the longest cooking record at the Guinness World Records.

After an astounding 119 hours and 57 minutes, Alan Fisher was formally crowned the new record holder for the longest cooking marathon (person) by Guinness World Records.

This beat the previous best set by Hilda Baci, a Nigerian chef.

With a time of 47 hours and 21 minutes, Fisher also won the title of longest baking marathon (individual), breaking the previous record held by Wendy Sandner of the USA.

Update: Click HERE to join our WhatsApp group and get news and entertainment notifications directly on your WhatsApp!

In an attempt to beat Alan Fisher’s record of 119 hours and 57 minutes, Tope Maggie is scheduled to cook for an incredible 200 hours, just days after Fisher’s historic achievement.

As Nigerian chefs compete for worldwide recognition in the culinary arts, the rivalry in the kitchen persists.

See video below:


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