Nigerian government 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.

Premium Times 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.

 

 

– Premium Times

About Delia Innoma

Delia Innoma is a prolific writer, promoter, artist manager with full professional proficiency in English, German and Igbo languages. She studied accounting and computer programming at the Institute of Management and Technology Enugu and Germany respectively. Delia is also a devoted mother of two and she founded the Diamond Celebrities Magazine. Her sense of responsibility and commitment to the Christian faith are essential forces driving her daily activities.

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