Thursday night shows that the retail price of petrol would sell between market band of N209.61 and N212.61. Marketers usually sell at the upper band.
President Buhari made the announcement on Thursday as he delivered a speech to mark the West African nation’s 60th independence anniversary.
Buhari said the country will not be able to sustain its low petrol prices and that a responsible government must face realities and take tough decisions given the significant economic challenges the country is facing
These challenges, including steep drops in foreign exchange earnings and internal revenues, were as a result of plunges in oil prices and economic activities which led to a 60 percent fall in government revenue, according to the president.
With ex-depot price standing at N206.42 per liter, some petrol station are selling at the rate of N220 per liter. the March template showed that the landing cost for petrol per liter is N189.61.
Although, the Nigerian National Petroleum Corporation (NNPC) had said price would remained static in March to allow smooth dialogue between government and labour unions, PPPRA’s follows the increasing price of crude at the international market as well as instability in exchange rate.
The new price, according to the PPPRA’s PMS guiding price, released to stakeholders, is supposed to commence from March 1st and run till March 31st, 2021.
However, the fact that the price of the commodity is still been sold at an average of N220 in petrol stations in Delta State, meant that the Federal Government, through the Nigerian National Petroleum Corporation, NNPC is spending an average of N42 to subsidise a litre of the commodity for Nigerians