The Federal government has approved an upward review of petrol price to N212 per litre, days after promising to return fuel price to below N100 for Nigerians.
The fuel pricing regulator PPPRA in its template released on Thursday night seen by Neptune Prime revealed 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.
The PPPRA said the landing cost of petrol in March would be N189.61 per litre as against N163.74 in February.
The average littering expenses were put at about N4.81 per litre; Nigerian Ports Authority (NPA) charge N2.49 per litre; 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 wholesale margin was fixed at N4.03 per litre; administration charge, N1.23 per litre; transporters’ allowance (NTA) of N3.89 per litre; Bridging Fund cost of N7.51 per litre and Marine transport average (MTA) of N0.15 per litre.
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.
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.