Following weeks of denial, the President Muhammadu Buhari-led government has finally increased petroleum price to N212.61 per litre.
Recall that on February 28, the Nigerian National Petroleum Corporation, NNPC, ruled out any increment in the ex-depot price of petrol in March, 2021 to allay the fears of fuel price increment as vehicular queues began surfacing at filling stations.
But the Petroleum Products Pricing Regulatory Agency, PPPRA, late Thursday night announced that the retail price for a litre of petrol for the month would be between N209.61 and N212.61.
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, the agency said.
In the late February statement, the NNPC said the price of Premium Motor Spirit (petrol) in the country would not be increased 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.
NNPC had also cautioned petroleum products marketers not to engage in arbitrary price increase or hoarding of petrol in order not to create artificial scarcity and unnecessary hardship for Nigerians.
The corporation stated that it has enough stock of petrol to keep the nation well supplied for over 40 days and urged motorists to avoid panic buying.