The Federal Government of Nigeria through the Petroleum Products Pricing Regulatory Agency (PPPRA) has increased the pump price of petrol to N212.61 a litre.
Early Friday morning, PPPRA announced that the retail price for a litre of petrol for the month would be between N209.61 and N212.61.
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The announcement comes amid a partial scarcity of fuel that has lingered for weeks. There had been concerns that the government, which says it has deregulated the sector and no longer pays subsidy, would raise rates as crude oil prices have seen a rebound in the global market.
The state-owned NNPC, which regulates the sector and is the sole importer of refined petrol, however, initially assured there was no such plan for February and March.
