FG will not hike petrol price in March, NNPC gives reasons

FG will not hike petrol price in March, NNPC gives reasons

- The FG has ruled out the possibility of hiking of petrol price in March

- According to NNPC, the government will also consult widely before taking any step on removal of subsidy

- Meanwhile, the government said removal of subsidy depends on the meeting with labour unions

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Nigerians can relax their minds as the Nigerian National Petroleum Corporation has promised not to increase petrol price in the month of March.

This was disclosed by Group General Manager, Group Public Affairs Division, Kennie Obateru.

According to him, any increment depends on government’s meeting with labour unions, Punch reports.

He said:

“The government does not just look at economics to determine certain things. So the fact is that the government is not supposed to inflict pains on the citizenry.
“And this is why the government wants to do a very wide consultation with all interested parties so that an agreement could be reached and we expect that the agreement will be reached before too long.”

FG will not hike petrol price in March, NNPC gives reasons
The federal government is going to consult widely before halting subsidy on Premium Motor Spirit. Photo: @NNPCgroup
Source: Twitter

Recall that Nigerians on Friday, March 12, woke up to the news that a litre of petrol which used to cost about N162 per litre will now be sold for N212.11 per litre.

This is according to PPPRA's projection which is contained in its pricing template for the month of March.

JJ. Omojuwa, @Omojuwa, tweeted:

"This conundrum is a design; global oil prices go up, Nigeria’s FX revenue automatically increases due to its oil sales, but on the flip side of that coin, Nigeria’s petrol imports price increase due to the same effect. Because refining oil locally is rocket science #FuelPriceHike"

However, the FG denied the report.

Meanwhile, Legit.ng had reported that subsidy is likely to gulp around N102.96bn this month of March if the recent pricing template published by Petroleum Products Pricing Regulatory Agency (PPPRA) is anything to go by.

The Nigerian National Petroleum Corporation may spend N102.96bn on petrol subsidy this month, going by the recent pricing template for the commodity.

Recall that the government agency pegged the expected new lower and upper prices for petrol at retail outlets in March 2021 at between N209.61/litre and N212.61/litre.

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Aanu Adegun is a politics and current affairs content editor at Legit.ng with over 7 years of experience in both digital and traditional media. A graduate of English Studies from Adekunle Ajasin University, Akungba Akoko, Ondo state, Aanu started his journalism career as a features writer. Aanu, who is also a creative writer has written books and children magazines. He once anchored some specialised pages of a national newspaper. Aanu is also a satirist.

Source: Legit.ng

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