Nigerians have shown great displeasure as they woke up today with the shocking news of petrol price increasing by 31.2% to N212.6/litre from N162/litre.
This was reported in the new monthly template of The Petroleum Products Pricing Regulatory Agency (PPPRA) stating that the price of Premium Motor Spirit, also known as petrol, has reached N212.6 per litre.
According to the template which the PPPRA released midnight, petrol is expected to sell at a lower retail price of N209.61 and at an upper retail price of N212.61. Nigerian marketers usually use the upper band for pump price.
The expected ex-depot price, as seen in the template, is N206.42, while the landing cost is N189.61.
With ex-depot price standing at N206.42 per litre, the March template shows that the landing cost for petrol per litre is N189.61.
This is despite the Nigerian Petroleum Corporation saying there won’t be any change in the price of PMS in the month of March.
With the latest increment in pump price, the cost of goods and services will be on the increase, therefore making it hard for more people to afford food and other basic needs.
Nigerians have shown great displeasure with this latest development. Here are some of the reactions: