Nigerians have begun reacting with outrage following the announcement by the Petroleum Products Pricing Regulatory Agency in its new monthly template that the price of premium motor spirit (petrol) had reached N212.61 per litre.
According to the template which the PPPRA released midnight, petrol is expected to sell at a lower retail price of N209.61 and at an upper retail price of N212.61 per litre. Nigerian marketers usually use the upper band for pump price.
The expected ex-depot price, as seen in the template, is N206.42, while the landing cost is N189.61.
Fuel Price: This Month Is Free From Increment – NNPC Reveals
With ex-depot price standing at N206.42 per litre, the March template shows that the landing cost for petrol per litre is N189.61.
The increase comes despite assurances by the Nigerian National Petroleum Corporation that the price of fuel won’t increase in March.
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 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 N212.61 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.
FG, Labour To Reconvene Over Fuel Price/Electricity Tariff Hike On February 22
See reactions below:
Petrol price for Nigeria Dey rise pass Bitcoin. #FuelPriceHike
— valking ♔ (@_VALKlNG) March 12, 2021
Everyday news from Nigeria can make you moonwalk into depression without even knowing. There's absolutely no good news from this clime. 4 refineries here running at losses and we're waiting for Dangote refinery. Thank you Buhari, you're truly doing well.#FuelPriceHike
— Sammy Sammy (@scad_official) March 12, 2021
Transport Fare will go up, Food Prices will go up. Cost of living in general will increase.
Guess what will stay same? Minimum wage and Salaries. #FuelPriceHike
— Stanley KC (@Le_CaptAwesome) March 12, 2021
Pepsi is now #120.
One cup of garri is now #50.
One small egg is #50.
Buhari just increased petrol price to 212 naira.
Welcome to the New Nigeria!!! #FuelPriceHike
— Victor Babatunde (@vhic_tore) March 12, 2021
I recall the now celebrated duo of Okonjo Iweala & SLS at town halls, along with the garrulous & now-infamous Oshiomole, explaining the need for deregulation & subsidy removal. Yet we marched in Ojota. Every #FuelPriceHike since then vindicates GEJ & indicts APC's fraud manifesto
— Ayò-Bánkólé Akíntújoyè (@AyoBankole) March 12, 2021
https://twitter.com/mrmanhere_/status/1370274998678646785?ref_src=twsrc%5Etfw%7Ctwcamp%5Etweetembed%7Ctwterm%5E1370274998678646785%7Ctwgr%5E%7Ctwcon%5Es1_&ref_url=https%3A%2F%2Fwww.qed.ng%2Ffuelpricehike-nigerians-lament-as-petrol-price-hits-n212-61-per-litre%2F
Throwback to when Jonathan said this.#FuelPriceHike pic.twitter.com/mjTRY59L4a
— Timmy not Timi (@timmy_lawal) March 12, 2021
https://twitter.com/chubiei/status/1370279231507337216?ref_src=twsrc%5Etfw%7Ctwcamp%5Etweetembed%7Ctwterm%5E1370279231507337216%7Ctwgr%5E%7Ctwcon%5Es1_&ref_url=https%3A%2F%2Fwww.qed.ng%2Ffuelpricehike-nigerians-lament-as-petrol-price-hits-n212-61-per-litre%2F
https://twitter.com/ImranSZN/status/1370285518739668997?ref_src=twsrc%5Etfw%7Ctwcamp%5Etweetembed%7Ctwterm%5E1370285518739668997%7Ctwgr%5E%7Ctwcon%5Es1_&ref_url=https%3A%2F%2Fwww.qed.ng%2Ffuelpricehike-nigerians-lament-as-petrol-price-hits-n212-61-per-litre%2F
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