President Muhammadu Buhari-led federal government has increased the fuel price to N212.61 per litre.
Brand Spur Nigeria reports that the new fuel increment was announced on Thursday night by the Petroleum Products Pricing Regulatory Agency (PPPRA), an organisation established by the government to control the price of petroleum products in the country.
PPPRA stated that the retail price for a litre of fuel for the month will be between N209.61 and N212.61.
Although, there had been rumours that the government was planning to hike the price of the commodity and this brought about the reemergence of queues at petrol stations in some parts of Abuja and Lagos. However, the government refuted the rumours and consumers were assured that such was not in the plan at the moment.
Before the increment, the product was selling at a retail price of N162 per litre at some retail fuel stations of the Nigerian National Petroleum Corporation (NNPC), while at other private fuel stations, it was sold above N170 per litre.
The latest increment in pump price is expected to impact the cost of goods and services, making it harder for more people to afford food and other basic needs.