12th March, 2021
The Petroleum Products Pricing Regulatory Agency (PPPRA) has announced an increase in the retail price of petrol.
In a petrol pricing template published on its website late Thursday, PPPRA said petrol is expected to sell at a lower retail price of N209.61 and at an upper retail price of N212.61. However, Nigerian marketers usually use the upper band for pump price.
According to the document, the landing cost of petrol is N189.61.
The ex-depot price, which is the rate marketers get the product, was fixed at N206.42.
However, the new pricing template came as shocking news to Nigerians because the Nigerian National Petroleum Corporation (NNPC) recently ruled out an increase in the ex-depot price of petrol in March saying it had enough stock to last for 40 days.
Kennie Obateru, the NNPC spokesman, had said the decision was taken “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”.
In February, the NNPC had also allayed fears over the possible increase in the price of petrol, amid concerns about the rising price of crude oil on the global market.
Nigerians have now taken to social media to express their dissatisfaction with the new petrol pricing template published by PPRA.
Check out some of the reactions below:
Food prices before now have been out of reach for many Nigerians then you add #FuelPriceHike on top of it which will further drive up prices of things across board.
Yet, the average Nigerian's earning has not increased.
How exactly do we want to bring people out of poverty?
— Aproko Doctor (@aproko_doctor) March 12, 2021
— 𝗡 𝗜 𝗚 𝗛 𝗧 🌍 (@Omonight) March 12, 2021
Waking up to #FuelPriceHike @ N212 is a very bad news. I urge the Buhari led administration to reverse this. We are suffering enough already !
— Odunlade Adekola (@Odunadekolade) March 12, 2021
— Jheasy𓃵 (@Jheasy_) March 12, 2021
— Ayo FBI (@PureMinD__) March 12, 2021
Lori Iro administration & Apc party.
All they're good @ is useless propaganda.
Not surprised anymore about how this administration keeps inflicting pain on masses.
But I'm worried on the extent of damages that would have been done to Nigerains b4 2023! #FuelPriceHike pic.twitter.com/jop0RIMG9u
— Greater Heights🌴💪🏆 (@heights2020) March 12, 2021
However, it must be noted that Nigeria currently runs a price modulation system where the retail price of petrol is fixed to mirror occurrences in the global market.
In February, Timipre Sylvia, the minister of state for petroleum resources, also advised Nigerians to be ready to bear the pain of higher petrol prices because there was no budget for under-recovery; the term given to the differential between the landing cost and fixed retail price.