FG Hikes Petrol Price To N212 Per Litre

The Petroleum Products Pricing Regulatory Agency (PPPRA) has hiked the retail price of petrol to N212.6 per litre.

The agency revealed this in a petrol pricing template published midnight Thursday on its website.

According to the template, the PPPRA’s recommended retail price of petrol to marketers is between N209.61 and N212.61 per litre.

The document showed that the landing price of the product is N189.61, while the expected ex-depot price, which is the rate at which the marketers get the product, is N206.42.

The increment ran contrary to the assurance given to Nigerians by the Nigerian Petroleum Corporation (NNPC) that the ex-depot price would remain unchanged for March as it had enough products in stock to last 40 days.

This, the corporation said, was “in order not to jeopardise ongoing engagements with organised labour and other stakeholders on an acceptable framework that will not expose the ordinary Nigerian to any hardship”.

However, the Independent Petroleum Marketers Association of Nigeria (IPMAN) said the PPPRA has not notified the association via its usual memo to increase the retail price of the product.

“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,” IPMAN National Vice President Alhaji Abubakar Maigandi, said, according to The Nation.