JUST IN: Buhari Fails Promise, Hikes Petrol Price To N212 Per Litre

The President Muhammadu Buhari-led administration has reneged on its promise not to increase petrol price in March, by increasing the petroleum price to N212.61 per litre.

The Nigerian National Petroleum Corporation (NNPC), on February 28, ruled out any increment in the ex-depot price of petrol in March, 2021 to allay the fears of fuel price increment as vehicular queues began surfacing at filling stations.

But, late Thursday night, the Petroleum Products Pricing Regulatory Agency (PPPRA), announced that the retail price for a litre of petrol for the month would be between N209.61 and N212.61 based on the average costs of imported petroleum products.

The PPRA, in its pricing template for the month of March, said the average littering expenses were put at N4.81 per litre; Nigerian Ports Authority, NPA charge N2.49 per litre; NIMASA charge N0.23 per litre; Jetty Thru put of N1.61 per litre and Storage charge of N2.58 per litre and average finance cost of N2.17 per litre, translating to an expected landing cost per litre of N189.61.

The wholesale margin was fixed at N4.03 per litre; administration charge, N1.23 per litre; transporters’ allowance (NTA) of N3.89 per litre; Bridging Fund cost of N7.51 per litre and Marine transport average (MTA) of N0.15 per litre.

According to the agency, 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 NNPC had said the price of Premium Motor Spirit (petrol) in the country would not be increased in March in order not to jeopardize ongoing engagements with organized labour and other stakeholders on an acceptable framework.

In the late February statement, the corporation had 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.