FG Increases Price Of Petrol To N212 Per Liter

Nigeria’s federal government, through the Petroleum Products Pricing Regulatory Agency (PPPRA) has increased the pump price of Premium Motor Spirit (PMS) popularly referred to as petrol.

According to the agency, the landing cost stands at N189.61 per litre while fuel depot owners will sell to marketers at N206.42, Premium Times reports.

The price adjustment from N170 to above N200 arrives 11 days after the Nigerian National Petroleum Corporation (NNPC), which regulates the oil sector in Nigeria and which is the sole importer of refined crude, promised that it has no plans to increase the pump price of petrol for the month of March.

The corporation is 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, the NNPC said in a statement signed by its Group General Manager, Group Public Affairs Division, Kennie Obateru.