The Buhari-led government has officially confirmed the return of fuel subsidy, as the Petroleum Products Pricing Regulatory Agency, PPPRA, yesterday, fixed the pump price of Premium Motor Spirit, PMS, also known as petrol, at N212.61 per litre, for the month of March.
Recall, two weeks ago, the federal government denied plans to increase the petrol price in the country.
But the PPPRA announced late Thursday that the retail price for a litre of petrol for the month will be between N209.61 and N212.61.
According to the PPPRA, the ex-depot price, which is the amount sold by fuel depot owners to marketers, will be N206.42, while the landing cost stands at N189.61 per litre.
There had been concerns the government, which says it has deregulated the sector and no longer pays subsidy, would raise rates as crude oil prices have seen a rebound in the global market.
The latest increment in pump price expected to impact on cost goods and services, making it harder for more people to afford food and other basic needs.
It would be recalled 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.”