We reported earlier today that the Federal Government has initiated an upward review of petrol price to N212 per litre, according to the Petroleum Products Pricing Regulatory Agency (PPPRA) new monthly template.
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, 2021.
The fuel pricing regulator said the landing cost of petrol in March would be N189.61 per litre as against N163.74 in February.
The new hikes come barely a day after President Muhammadu Buhari promised to return fuel price to below N100
Nigerians been condemning the move on social media, with many lamenting over the government’s consistent failure to deliver on its promises.
Some noted how it the fuel price hike will cause an increase in the price of perishable and non-perishable goods in the market as well as spike in other areas, but there would still be no increase of the minimum wage which stands at N30,000.
Read how some Nigerians reacted below…
When this unfortunate govt came in,
Petrol price was 87/litre.
Today it is 212/litre.
Food prices will go up
Rent prices will go up
Transport prices will go up.
School fees will go up.
But guess what will never go up?
Minimum wage and salaries.
This is a jungle. #FuelPriceHike
— #OurFavOnlineDoc 🩺🇳🇬🇬🇧💎 (@DrOlufunmilayo) March 12, 2021
— ogbeni ceejay (@debola_femi) March 12, 2021
Pepsi is now #120.
One cup of garri is now #50.
One small egg is #50.
Buhari just increased petrol price to 212 naira.
Welcome to the New Nigeria!!! #FuelPriceHike
— Victor Babatunde (@vhic_tore) March 12, 2021
— Odogwu 👑 (@Daddy_Nomso) March 12, 2021
Food prices before now have been out of reach for many Nigerians then you add #FuelPriceHike on top of it which will further drive up prices of things across board.
Yet, the average Nigerian's earning has not increased.
How exactly do we want to bring people out of poverty?
— Aproko Doctor (@aproko_doctor) March 12, 2021
— Sweet Salon Jollof🍓🍓 (@Ashake__) March 12, 2021
This will be the longest 2 years of every Nigerian’s life 😢#FuelPriceHike
— Yom 🦟 (@YomYom_) March 12, 2021