Babagana Bukar Wakil, Maiduguri
The Federal government has approved an upward review of petrol price to 212 naira per litre, days after promising to return fuel price to below 100 naira for Nigerians.
The fuel pricing regulator Petroleum Product Price Regulatory Agency in its template released on Thursday night revealed that a litre of fuel will now be sold 209 to 212 per litre form March. This was against N186 the crucial commodity retailed in February.
The Petroleum Product Price Regulatory Agency said the landing cost of petrol in March will be 189.61 naira per liter as against N163.74 in February.
The average littering expenses were put at about N4.81 per litre; Nigerian Ports Authority charge N2.49 per litre.
Nigerian Maritime Administration and Safety Agency NIMASA charge N0.23 per litre; Jetty Thru put of N1.61 per litre and Storage charge of N2.58 per litre and average finance cost of N2.17 per litre, translating to an expected landing cost per litre of N189.61.
The petroleum Products price Regulatory Agency 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.
Dandal Kura Radio International recalls that President 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.