The federal government of Nigeria through the Petroleum Products Regulatory Agency (PPRA) has announced the increase of fuel price to an alarming rate of ₦212 per litre
The increment of the price from ₦170 to ₦212 was announced few days after the Nigerian National Petroleum Corporation (NNPC), regulator of the oil sector in Nigeria and sole importer of refined crude, promised it has no plans to increase the pump price of petrol for the month of March.
“The corporation is 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,” the NNPC said in a statement signed by its Group General Manager, Group Public Affairs Division, Kennie Obateru.
The federal government had emphasized repeatedly there was no money to continue paying for subsidies on petrol; also observed deregulation of pump prices, which was determined by market forces of demand and supply, periodically.
Brent crude now sells for around $70 a barrel, from a peak pandemic low of around $20 a barrel.
Petrol dispensing stations across Nigeria have been hoarding the product in anticipation of the latest increase, causing an artificial scarcity.
However, the federal government in a bid to curb the fuel crises, has reintroduced fuel subsidy; accepting to pay ₦42 to subsidise a litre of the commodity for Nigerians.
Ifesinachi Nnabugwu reporting, Obinwannem News
