Petrol Price Increases to N212.61 Per Litre
Days after the Nigerian National Petroleum Corporation (NNPC) assured Nigerians that there would be no increment in the pump price of Premium Motor Spirit (PMS), popularly referred to as petrol in the country, the Petroleum Products Pricing Regulatory Agency (PPPRA) on Thursday night announced via its website, that there would be an increase in price as a result of the market determinants and importation costs.
The PPPRA announced that the retail price for a liter of petrol will be between N209.61 and N212.61, as against the former price of between N170 and N200.
Amidst partial scarcity of fuel that has lingered for weeks in some parts of the country and speculations of imminent increase in the price of petrol, the NNPC had earlier in a statement by its Group General Manager, Group Public Affairs Division, Kennie Obateru affirmed that there was no plans to increase the pump price of petrol for the month of March.
“The corporation is 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,” he said.
The President Muhammadu Buhari-led federal government has repeatedly announced that it has no money to continue paying for subsidies on petrol, adding that the petroleum sector has now been deregulated, with pump prices set to be determined by market forces of demand and supply periodically.
Petrol dispensing stations across Nigeria have been hoarding the product in anticipation of the latest increase, causing an artificial scarcity.
As a result of the daily increase on the price of goods and services in the country,the new prices are expected to promptly impact more on cost goods and services, making it harder for more people to afford basic needs.