FG increases fuel price to N212 per litre
The Nigerian government has increased the fuel price to N212 per liter, few weeks after assuring its citizens there wouldn’t be a rise.
The Petroleum Products Pricing Regulatory Agency (PPPRA) announced late Thursday that the new retail price for a litre of petrol for the month will be between N209.61 and N212.61.
The amount sold to fuel depot owners to marketers, will be N206.42, while the landing cost stands at N189.61 per litre, the agency said.
The NNPC Group General Manager, Group Public Affairs Division, Kennie Obateru, on March 1, stated that there is no plans to increase fuel price after several speculations were made concerning the scarcity of petroleum.
The statement read:
“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.”
Several cities such as Abuja, Lagos and other cities also experienced fuel scarcity on Wednesday which was as a result of depot owners hoarding the product, and raising prices in anticipation of a hike by the government.
The new prices are expected to have a huge impact on the cost of production as goods and services will rise.