The Nigerian Petroleum Corporation (NNPC) and most of the oil marketers has refuse to stick to the new pump price and ex-depot prices which kicked off on the 1st of January, 2016.
The marketers expressed their disagreement on the projections of the government on the new pricing model, saying they are not realistic in respect to the high cost of foreign exchange.
Under the revised pricing template by the Petroleum Products Pricing Regulatory Agency (PPPRA) the government approved two pump prices, one for the retail outlets of NNPC and the second for a private oil trading companies which has been program to sell petrol at N86.50 per litre