FG increases fuel pump price to N212 per litre

Barely days after promising to return fuel price to below N100, the Federal authorities on Thursday initiated an upward review of petrol price to N212 per litre, raising fresh economic concerns for the country’s impoverished households People’s Gazette reports.

The fuel pricing regulator PPPRA said in its template released on Thursday night that a litre of fuel would now be sold for prices ranging from N209 to N212 per litre for March. This was against N186 the crucial commodity retailed for in February.

The PPPRA said the landing cost of petrol in March would be N189.61 per litre as against N163.74 in February.

The PPPRA said the landing cost of petrol in March would be N189.61 per litre as against N163.74 in February.

The PPPRA has been setting guidelines for petrol sales since the Buhari administration announced partial deregulation of the oil sector, but the government maintains control of policies that determine ultimate retail costs.

Recall Checkupdatetv earlier reported that President Muhammadu Buhari vowed to return fuel price to below N100 for Nigerians.

Mr. Buhari met the price at N87 per litre when he assumed office in 2015, and has increased it periodically ever since, despite appeals from Nigerians that the biting costs would worsen inflation and living conditions for a country already designated as the world’s poverty capital.