Nigerian govt deceives citizens, raises petrol price above N200
The Nigerian government has increased the pump price of petrol to N212.61 a litre, less than two weeks after assuring the nation there would be no hike.
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.
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.
The announcement comes amid a partial scarcity of fuel that has lingered for weeks. 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 state-owned NNPC, which regulates the sector and is the sole importer of refined petrol, however, assured there was no such plan for February and March.
On March 1, the NNPC said in a statement by its Group General Manager, Group Public Affairs Division, Kennie Obateru, that contrary to speculations of imminent increase in the price of petrol in the country, there would be no increment in the ex-depot price of petrol in March.
ALSO READ: Nigeria’s petrol price still low compared to neighbours’, encourages smuggling – NNPC GMD
It said, “the Corporation was 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.”
reported Wednesday that the scarcity in Abuja, Lagos and other cities was caused by depot owners hoarding the product, and raising prices in anticipation of a hike by the government.
The new prices are expected to promptly impact on cost goods and services with inflation at a three-year high, making it harder for more people to afford food and other basic needs.
Support ‘ journalism of integrity and credibility
Good journalism costs a lot of money. Yet only good journalism can ensure the possibility of a good society, an accountable democracy, and a transparent government.
For continued free access to the best investigative journalism in the country we ask you to consider making a modest support to this noble endeavour.
By contributing to , you are helping to sustain a journalism of relevance and ensuring it remains free and available to all.
TEXT AD: To advertise here . Call Mayor +2347087468255…
Share this post with your Friends on