Nigerians have berated the President Muhammadu Buhari administration over the price increase of Premium Motor Spirit, also known as petrol, to N212.61 per litre.
The increase was announced on Thursday midnight in a new monthly template by the Petroleum Products Pricing Regulatory Agency.
According to the template, petrol is expected to sell at a lower retail price of N209.61 and at an upper retail price of N212.61.
Recall that the Nigerian Petroleum Corporation announced that there would not be any increase in the price of fuel in the month of March.
Reacting to the News, Twitter users condemned the Buhari administration for making life harder for Nigerians.
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@odunladeadekola tweeted: “Waking up to #FuelPriceHike @ N212 is a very bad news. I urge the Buhari led administration to reverse this. We are suffering enough already !”
@gen_tunde tweeted: “The bad thing Buhari can not do doesn’t not exist”
@fineboytunde tweeted: “Nigerians let’s gather here and cry. Buhari still has 2 years to go. Fuel price will soon be competing with BTC. just wait and see.”
@macfabblawz tweeted: “When we told them that anything NEXT LEVEL in anything is always tough,, they kept on shouting Sai Baba. A frndly reminder to Buhari fans,,, we are still in 2021!”
@nenyenwarueze tweeted: “’m thinking about the further effect of the #FuelPriceHike. How the already inflated food prices will swell, transport fare and power bills will rise, businesses will suffer because they’re already doomed to provide their own electricity, the cost of all products will jump up.”
This conundrum is a design; global oil prices go up, Nigeria’s FX revenue automatically increases due to its oil sales, but on the flip side of that coin, Nigeria’s petrol imports price increase due to the same effect. Because refining oil locally is rocket science #FuelPriceHike
— JJ. Omojuwa (@Omojuwa) March 12, 2021
