Fuel Price Hike. What You Need to Know About Fuel Price in Nigeria

This is breaking hard news. Expect the Nigeria Labour Congress (NLC) and other stakeholders to protest over this increment. Yet, no matter how we see it, if we believe in the spirit of full liberalization, with no subsidy, this is the framework playing live. Yes, as the price of crude oil rises, petrol prices in Nigeria will rise. We hope it drops when the crude price drops. Crude oil price is rising which ideally should be a good thing in Nigeria – but with no working refinery, it is not looking great now!

This is a heavy one for President Buhari who began his tenure when the price of petrol was N87 per litre and now has to deal with it rising to N212. Of course, he “removed” the subsidy.

Tomorrow may be hotter in Nigeria as effective value of wages for most citizens crash! You may wonder – what next! Time for a state of emergency on Nigeria’s economy?

The fuel pricing regulator PPPRA said in its template released on Thursday night that a litre of fuel would now be sold for prices ranging from N209 to N212 per litre for March. This was against N186 the crucial commodity retailed for in February.

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 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 Muhammadu Buhari promised to return fuel price to below N100 for Nigerians.

Article courtesy www.tekedia.com – 12/3/2021

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