The Nigerian government on Thursday increased the price of petrol to N212 per litre amid biting economic hardship in a country designated as the world’s poverty capital.
The Petroleum Products Pricing and Regulatory Agency (PPPRA) disclosed in its template released on Thursday night that a litre of fuel would be sold for prices ranging from N209 to N212 per litre for March.
As of February 2021, fuel sold for N186 per litre.
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 Muhammadu Buhari administration announced partial deregulation of the oil sector, but the government maintains control of policies that determine ultimate retail costs.
The new hikes come barely a day after President Buhari promised to return fuel price to below N100 for Nigerians.
In 2015, when President Buhari assumed office, he met the fuel price at N87 per litre. He has since increased it periodically despite appeals and concerns from Nigerians to consider the economic realities bedeviling the country.
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