Nigerians has reacted towards the inconsiderable action, over the increment of fuel price from N170 to N212 per litre.
The Federal Government has officially confirmed the return of fuel subsidy, as the Petroleum Products Pricing Regulatory Agency, PPPRA, yesterday, fixed the pump price of Premium Motor Spirit, PMS, also known as petrol, at N212.61 per litre, for the month of March.
Nigerians showing their agitation on the popular social media platform twitter, and making it the highest trend of the day, in other to pass a message to the government to rethink and resit in other to know how to bring this price down to a bearable one for the citizens.
Although the petroleum products pricing regulatory agency PPPRA, claimed that the Federal Government, through the Nigerian National Petroleum Corporation, NNPC is spending an average of N42 to subsidise a litre of the commodity for Nigerians, while it was been sold at N170 per litre.
But According to the PPPRA, based on the average cost for the period of February 1st to 28th 2021, and an average FMDQ Importer and Exporter (I&E) Naira/US Dollar Exchange Rate of N403.80, the expected retail price of PMS for March 2021, stands at N209.61 per litre and N212.61 per litre, being the lower and upper band respectively.
It was reported that there will be a nationwide protest, if immediate action of reducing the price is not taking.
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