The Buhari led administration has initiated an upward review of petrol price to N212 per litre, raising fresh economic concerns for the country’s impoverished households.
PPPRA which is the fuel pricing regulator disclosed 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 also disclosed that the landing cost of petrol in March would be around 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.
It is worthy of note that President Buhari met the price of fuel at N87 per litre when he assumed office in 2015, and has increased it periodically ever since, despite appeals from Nigerians that the biting costs would worsen inflation and living conditions.