Petrol price hits N212.61 per liter despite FG’s promise on increase

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Despite assurances by the Federal Government that there will not be increase in the price of petrol in March, Petroleum Products Pricing Regulatory Agency (PPPRA) has increase prince of petrol to N212.6 per liter in a new monthly template.

The template published Thursday night shows that the retail price of petrol would sell between market band of N209.61 and N212.61. Marketers usually sell at the upper band.

With ex-depot price standing at N206.42 per liter, the March template showed that the landing cost for petrol per liter is N189.61.

Although, the Nigerian National Petroleum Corporation (NNPC) had said price would remained static in March to allow smooth dialogue between government and labour unions, PPPRA’s follows the increasing price of crude at the international market as well as instability in exchange rate.

Read Also: Stop panic buying, no petrol price increase in March says NNPC

Meanwhile, it was learnt from the Independent Petroleum Marketers Association of Nigeria (IPMAN) on Friday morning that the government was yet to notify them on any price hike via their usual memo.

Speaking to The Nation, the IPMAN National Vice President Alhaji Abubakar Maigandi, said: “I was in a NEC meeting with the NNPC and state Governor’s yesterday (Thursday) they only complained of the soaring prices of crude oil. They have not asked us to increase pump price”.