Fuel is now 212 naira per litre. The new hike comes barely a day after President Muhammadu Buhari promised to return fuel price to below N100 per litre for Nigerians.
Federal authorities on Thursday, 11 March 2021, initiated an upward review of fuel price, raising fresh economic concerns for the country’s impoverished households.
The the Petroleum Products Pricing Regulatory Agency (PPPRA) said in its template released on Thursday night that a litre of fuel would now be sold for prices ranging from N209 to N212 per litre for March. This was against N186 the crucial commodity retailed for in February.
Implications Of Price Hike On Petrol And Electricity
The PPPRA said the landing cost of petrol in March would be N189.61 per litre as against N163.74 in February.
The PPPRA has been setting guidelines for petrol sales since the Buhari administration announced partial deregulation of the oil sector, but the government maintains control of policies that determine ultimate retail costs.
The new hikes come barely a day after President Muhammadu Buhari promised to return fuel price to below N100 for Nigerians.
Mr. Buhari met the price at N87 per litre when he assumed office in 2015, and has increased it periodically ever since, despite appeals from Nigerians that the biting costs would worsen inflation and living conditions for a country already designated as the world’s poverty capital.
Recall that Labour unions in Nigeria are bracing for protests against the Minimum Wage Bill which they see as a ploy by FG to remove minimum wage from its exclusive bill, a move FG has called a waste of time as there is no stopping the bill. Labour unions since their inception usually protested fuel hikes by embarking on strike. They haven’t be as ferocious under Buhari as they were in previous administrations.
Now, they have two reasons to strike. Would they? Would anything change?
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