Buhari fails promise -puts petrol price at N212 per litre

Buhari fails to keep his promise as he puts the petrol price at N212 per litre. If this is true, It will go contrary to the presidents initial promise to rather reduce the price of petrol.

The Muhammadu Buhari-led federal government administration has announced an increment in the pump price of petrol to N212.61 a litre.

We recall that the federal government had denied plans to increase the petrol price two weeks ago.

It was announced late Thursday that the Petroleum Products Pricing Regulatory Agency (PPPRA)  price for a litre of petrol for the month would be between N209.61 and N212.61.

According to the PPPRA, the ex-depot price will be N206.42, which is the amount sold by fuel depot owners to marketers, while the landing cost remains N189.61 per litre.

There had been concerns the government would raise rates as crude oil prices have seen a rebound in the global market. Which says it has deregulated the sector and does not pay subsidy anymore.

 The latest increment in pump price will have a considerable impact on the cost of goods and services, making it difficult for more people to afford food and other basic needs.

The Nigerian National Petroleum Corporation (NNPC) had on March 1st assured Nigerians that there was no plan to hike the ex-depot price of petrol this month. Still, this increment goes contrary to their promise.

In a Sunday statement, Kennie Obateru, the Group General Manager of the NNPC Public Affairs Division, said the corporation’s decision not to increase the ex-depot price still stands.

He urged marketers not to increase prices or hoard petroleum products because the country has enough stored to last for over 40 days.

“NNPC also warned petroleum products, marketers, not to increase the price of or hoard petrol to prevent artificial scarcity and unnecessary hardship for Nigerians.

The statement reads as follows: “Contrary to speculations of an impending increase in the cost of Premium Motor Spirit (petrol) in the nation, the Nigerian National Petroleum Corporation (NNPC) has ruled out any form of growth in the ex-depot price of petrol in March 2021.

 “The Corporation said that it has sufficient stock of petrol to supply the nation for more than 40 days and encouraged motorists to avoid panic buying.”

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