Fuel Price hiked, 6 days after oil price Risen to $71.28 per Barrel.

Fuel Price hiked, 6 days after oil price Risen to $71.28 per Barrel.

NewsReport Nigeria March 12, 2021

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With the recent Oil price risen from $65 to $71.28 per barrel in the International market.

NewsReport Nigeria gathered that the Federal Government President Muhammadu Buhari on Thursday, March 11, 2021, initiated an upward review of petrol price to N212 per litre, raising fresh economic concerns for the country’s impoverished households.

This on-line information understands that the Petroleum Products Pricing Regulatory Agency (PPPRA), an agency of the government of Nigeria established in 2003 to, among other responsibilities, monitor and regulate the supply and distribution, and determine the prices of petroleum products in Nigeria, made this known in a statement on its official website on Thursday night.

The 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.

According to the statement released by the PPPRA, the regulators 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.

The new petrol price come barely a day after President Buhari promised to return fuel price to below N100 for Nigerians.

President Buhari met the petrol 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.

What can be done by the federal government to bring down the fuel price?