FG hikes pump price to N212 per litre

Federal Government on March 11, reviewed the pump price to N212 per litre, raising fresh economic concerns for the poor masses.

The fuel pricing regulator PPPRA in its template released on Thursday night said that a litre of fuel would now be sold for prices ranging from N209 to N212 per litre for March as against the N186 it retailed in February.

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 pump price hike come barely a day after President Muhammadu Buhari promised to return fuel price to below N100 for Nigerians.

Also on March 1, the NNPC issued a statement in which it categorically told Nigerians that there would be no new hikes.

The state-owned firm said the government has enough fuel in the dump to last Nigerians for several weeks, urging citizens to desist from hoarding or panic-buying.

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.

~ Peoples Gazette

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