The Muhammadu Buhari-led federal government has announced an increase in the pump price of petrol to N212.61 a litre, after denying plans to increase the petrol price in the country two weeks ago.
But 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.
According to the PPPRA, 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.
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 latest increment in pump price expected to impact on cost goods and services, making it harder for more people to afford food and other basic needs.
On the 1st of March, the Nigerian National Petroleum Corporation (NNPC) assured Nigerians that there was no plan to increase the ex-depot price of as petrol, this month.
In a statement issued the Group General Manager of the NNPC Public Affairs Division, Kennie Obateru.
He also urged marketers not to increase prices or hoard petroleum products, as the country has enough in its stock to last for more than 40 days.
The statement reads: “Contrary to speculations of an imminent increase in the price of Premium Motor Spirit (petrol) in the country, the Nigerian National Petroleum Corporation (NNPC) has ruled out any increment in the ex-depot price of petrol in March 2021.
“NNPC also cautioned petroleum products marketers not to engage in arbitrary price increase or hoarding of petrol in order not to create artificial scarcity and unnecessary hardship for Nigerians.
“The Corporation stated that it has enough stock of petrol to keep the nation well supplied for over 40 days and urged motorists to avoid panic buying.”