The National Petroleum Authority (NPA) has justified restoring the Unified Petroleum Price Fund (UPPF) margin on fuel prices.
It explained that this was necessary to ensure that transportation of petroleum products to retail outlets in the country was not affected.
Sources told Joy Business the fund used to finance freight costs for the various products has been seriously affected after the margin application was frozen from April to June this year.
The Authority further said if it had not taken action, the supply of petroleum products to the market could have been badly affected.
The restoration of the UPPF will now increase the margin on diesel and petrol to 29 pesewas each.
Due to this, petrol price which was expected to come down by almost 8%, has gone up.
Prices of petroleum products were expected to witness some mixed reviews at the pump stations from July 2nd, 2022.
The price of petrol was expected to go down by almost 8% per litre, whilst a kilogramme of Liquefied Petroleum Gas (LPG) should have gone down by over 7%.
The diesel price was expected to have increased by over 3% per litre.
However, the reinstatement of the UPPF made it impossible.
Latest Stories
-
He’s the same old tried-and-failed Mahama, don’t be deceived by rebranding – Ahiagbah
2 mins -
John Frog: From child soldier to Afrobeats star
15 mins -
3rd African Media Convention ends with renewed spirit of unity and dedication
19 mins -
Nigeria’s Information Minister highlights Nigeria’s stride in press freedom at 3rd African Media Convention in Accra
37 mins -
ICT On Wheels: Students of Northern College of Science and Technology teach other students basic ICT skills
56 mins -
Champions Bayer Leverkusen become first German side to go a full season unbeaten
57 mins -
Sonko irked by ‘lasting’ stay of French troops in Senegal
1 hour -
South Africa ends rescue efforts at collapsed George building
1 hour -
Nigerian Central Bank intervention fails to stem naira slide
1 hour -
Husband sets 3-month deadline for his postpartum wife to lose 50 pounds
1 hour -
Late MP John Kumah laid to rest amid glowing tributes
1 hour -
Nigeria asks Senegal to mediate with junta-led states
2 hours -
Over-dependence on imports and low local content affecting exchange rate – Prof Bokpin
2 hours -
De Zerbi to leave Brighton after Man United clash
2 hours -
First Dep BoG Governor Dr Maxwell Opoku-Afari speaks on Ghana’s economic evolution and digital future
2 hours