The National Petroleum Authority (NPA) has announced that it is restoring the full Unified Petroleum Price Fund (UPPF) margin on petroleum products.
It made the announcement to players in the industry on Thursday June 30, 2022, indicating that the decision takes effect from Friday, July 1, 2022.
“We hereby wish to inform you that, following the expiration of the period for the reduction of the margins as mentioned in the letter above, the UPPF Margin is being restored to its actual amount effective 1st July, 2022. The restoration of the UPPF Margin has become necessary to ensure that the Fund is able to sufficiently pay the freight cost for transporting petroleum products to retail outlets,” the NPA said.
In March 2022, it announced a downward review of the margin for three months effective April 1, 2022.
Following the expiration of the downward review, the hitherto, removed 9 pesewas will now be restored.
The reviewed UPPF margin which was 20 pesewas on petrol and diesel will now be 29 pesewas each.
The margin on kerosene and LPG will now increase from 21 pesewas and 18 pesewas to 30 pesewas and 27 pesewas respectively.