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JUST IN: FG raises petrol price above N200

The Nigerian government has increased the pump price of petrol to N212.61 a litre.

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 development is coming days after the Nigerian National Petroleum Corporation (NNPC) assured there would be no price hike for Premium Motor Spirit in 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.

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.”

But on Thursday night, the Petroleum Products Pricing Regulatory Agency (PPPRA) released the latest guiding retail price.

In a template published on its website, the agency explained that the increment was due to the market determinants and importation costs.

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