We had earlier reported that the Muhammadu Buhari-led federal government has announced an increase in the pump price of petrol to N212.61 a litre.

Recall that the federal government had two weeks ago denied plans to increase the petrol price in the country.

But the Petroleum Products Pricing Regulatory Agency (PPPRA) announced late Thursday that the retail price for a litre of petrol for the month will be between N209.61 and N212.61.

Nigerians have taken to their Twitter handle to react to the latest petrol price increase:

 

 

 

 

 

 

 

 

 

 

 

Recalls that the Nigerian National Petroleum Corporation (NNPC) had on March 1st assured Nigerians that there was no plan to increase the ex-depot price of as petrol, this month.

In a statement issued on Sunday, Group General Manager of the NNPC Public Affairs Division, Kennie Obateru, said the corporation’s decision not to increase the ex-depot price.

He also urged marketers not to increase prices or hoard petroleum products, as the country has enough in its stock to last for more than 40 days.

The statement reads: “Contrary to speculations of an imminent increase in the price of Premium Motor Spirit (petrol) in the country, the Nigerian National Petroleum Corporation (NNPC) has ruled out any increment in the ex-depot price of petrol in March 2021.

“NNPC also cautioned petroleum products marketers not to engage in arbitrary price increase or hoarding of petrol in order not to create artificial scarcity and unnecessary hardship for Nigerians.

“The Corporation stated that it has enough stock of petrol to keep the nation well supplied for over 40 days and urged motorists to avoid panic buying.”