BREAKING: Nigerians Groan As Buhari’s Govt Increases Petrol Price Above N200—In what looks like a clear deceit, the government has increased the pump price of petrol to N212.61 a litre, less than two weeks after assuring the nation that there would be no hike.
The Genius Media Nigeria gathered that the Petroleum Products Pricing Regulatory Agency (PPPRA) announced late Thursday that the retail price for a litre of petrol for the month will be between N209.61 and N212.61 while the ex-depot price, which is the amount sold by fuel depot owners to marketers, will be N206.42, as the landing cost stands at N189.61 per litre, the agency said.
The announcement comes amid a partial scarcity of fuel that has lingered for weeks. There had been concerns the government, which says it has deregulated the sector and no longer pays subsidy, would raise rates as crude oil prices have seen a rebound in the global market.
The state-owned NNPC, which regulates the sector and is the sole importer of refined petrol, however, assured there was no such plan for February and March.
On March 1, the NNPC said in a statement by its Group General Manager, Group Public Affairs Division, Kennie Obateru, that contrary to speculations of imminent increase in the price of petrol in the country, there would be no increment in the ex-depot price of petrol in March.
It said, “the Corporation was not contemplating any raise in the price of petrol in March in order not to jeopardize ongoing engagements with organized labour and other stakeholders on an acceptable framework that will not expose the ordinary Nigerian to any hardship.”
The new prices are expected to promptly impact on cost goods and services with inflation at a three-year high, making it harder for more people to afford food and other basic needs.
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