The Nigerian government on Thursday night through the Petroleum Products Pricing and Regulatory Agency DPPRA raised the pump price of petrol in the country N212.61 a litre, less than two weeks after the Nigerian National Petroleum Corporation,NNPC assured Nigerians that the government have no plans to increase the price of fuel.
The agency hinged its reason for the increase on the increase in ex depot price which stands at N206.42, while the landing cost stands at N189.61 per litre.
The NNPC which regulates the sector had on March 1, reacting to reports of proposed increase in the price of fuel, said in a statement by its Group General Manager, Group Public Affairs Division, Kennie Obateru, that contrary to speculations of imminent increase in the price of petrol in the country, there would be no increment in the ex-depot price of petrol in March.
The statement reads “The Corporation was not contemplating any raise in the price of petrol in March in order not to jeopardize ongoing engagements with organized labour and other stakeholders on an acceptable framework that will not expose the ordinary Nigerian to any hardship.”
There were long queues at petrol stations two weeks ago as marketers hoarded petrol products in anticipation of increase in the product which the government denied.
Costs of food, transportation and other services in the country are expected to have noticeable increases as the prices of fuel affects almost every sphere of life in the country.