Friday, 12 March 2021

Nigeria Hikes Pump Price Of Petrol

The Muhammadu Buhari-led federal government has announced an increase in the pump price of petrol to N212.61 a litre.

Recall that the federal government had two weeks ago denied plans to increase the petrol price in the country.

But 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.

According to the PPPRA, the ex-depot price, which is the amount sold by fuel depot owners to marketers, will be N206.42, while the landing cost stands at N189.61 per litre.

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 latest increment in pump price expected to impact on cost goods and services, making it harder for more people to afford food and other basic needs.

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