Bad news for Nigerians as FG reportedly makes U-turn, increases price of petrol
- The federal government has given Nigerians what some might call bad news on the price of petrol
- On Thursday, March 11, the government said the projection for the price of the product per litre is now N212
- The announcement was made by the Petroleum Products Pricing Regulatory Agency (PPPRA)
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Days after promising Nigerians that the price of petrol will be slashed to below N100 per litre, the federal government has made a complete U-turn on its assuring comment.
In its statement late Thursday, March 11, the Petroleum Products Pricing Regulatory Agency (PPPRA) revealed that the new retail price for a litre of petrol for March would be between N209.61 and N212.61, Daily Nigerian reports.
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Moreover, the PPPRA disclosed that the ex-depot price will be N206.42, while the landing cost stands at N189.61 per litre.
Daily Trust also reported that the agency based the price on the average costs of imported petroleum products.
Recall that the government said plans had been concluded to host a national conference on the integration of artisanal/modular petroleum refinery operations.
This was disclosed by Ita Enang, the senior special assistant to the president on Niger Delta Affairs, during a press conference on Tuesday, March 9, in Abuja.
Enang reportedly said the aim of the conference is to seek ways to increase refining capacity and cause a drop in the price of petroleum products.
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The presidential aide disclosed that the conference is scheduled to hold on Tuesday, March 16 and Tuesday, March 17.
He was quoted to have said:
“As the cost of crude goes higher, the cost of refined petroleum products goes higher but if we refine these petroleum products in Nigeria, the cost will be very low.
“And, the intendment of the conference is to mobilise these resources so that we can bring the prices of refined petroleum products down to below N100 per litre.”
Onyirioha Nnamdi is a graduate of Literature and English Language at the University of Lagos. He is a Politics/Current Affairs Editor who writes on news and political topics for Legit.ng. He brings into his reporting a wealth of experience in creative and analytical writing. Nnamdi has a major interest in local and global politics.
Source: Legit.ng
