Tuesday, May 24, 2022

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Outrage as Petrol price hits N212.61 per litre

Nigerians woke up Thursday to the nightmarish report that the pump price of Premium Motor Spirit, better known as petrol, has jumped to N212.61 per litre.

The Petroleum Products Pricing Regulatory Agency (PPPRA), in a new monthly template revealed that petrol price has shot up to N212.6 per litre, from the previous price of N165 per litre.

According to the midnight template by the PPPRA, petrol is expected to sell at a lower retail price of N209.61 and at an upper retail price of N212.61. Nigerian marketers usually use the upper band for pump price.

This comes after repeated assurances by the Nigerian National Petroleum Corporation (NNPC) saying there won’t be any change in the price of PMS in the month of March.

The state oil firm had promised that petrol price would remain static in March to allow smooth negotiations between the government and labour unions.

However, the PPPRA template follows the increasing price of crude at the international market as well as instability in the exchange rate.

The new price hike, at a time many Nigerians are languishing in acute poverty, has drawn the ire of many on social media.

Reacting on Twitter, many Nigerians blame the Muhammadu Buhari-led government for the corrosive state of the economy.

Others call for mass protest against the insensitivity of the federal government.

Here are some tweets on the matter, with the hashtag #FuelPriceHike

https://twitter.com/Flowzz001/status/1370290630354681860

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