FG has raised the price of Petrol yet again, to its highest level since 2015.
The Federal Government, led by President Muhammadu Buhari, raised the price of petrol to N212 per litre on Thursday, March 11, 2021, causing new economic concerns for the country’s poor households.
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The Petroleum Products Pricing Regulatory Agency (PPPRA), a government of Nigeria agency established in 2003 to, among other things, monitor and regulate the supply and distribution of petroleum products in Nigeria, and determine their prices, made this known in a statement on its official website on Thursday night, according to this online news platform.
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In a template released on Thursday night, the PPPRA stated that a litre of fuel would now be sold for N209 to N212 per litre in March. This was in comparison to the crucial commodity N186, which was retailed for in February.
According to the PPPRA, the landing cost of petrol in March will be N189.61 per litre, up from N163.74 in February, according to a statement released by the regulators.
For the month of March, see the PPPRA template.
The PPPRA has been establishing guidelines for petrol sales since the Buhari administration announced partial deregulation of the oil sector, according to NewsOne Nigeria, but the government retains control over policies that determine final retail costs.
The new petrol price comes just a day after President Buhari promised that Nigerians would be able to buy fuel for less than N100.
President Buhari set the petrol price at N87 per litre when he took office in 2015, and has increased it on a regular basis since then, despite protests from Nigerians who say the rising costs will exacerbate inflation and living conditions in a country already known as the world’s poorest.