The increment was announced by the Petroleum Products Pricing Regulatory Agency (PPPRA) late Thursday, March 11, 2021.
It said the retail price for a litre of petrol for the month will now be between N209.61 and N212.61.
The ex-depot price, which is the amount sold by fuel depot owners to marketers, will be N206.42, while the landing cost stands at N189.61 per litre, it added.
The nation only just came out of a fuel scarcity that lasted for weeks. It was attributed to an impending increase in fuel price in March.
The NNPC, which regulates the sector and is sole importer of refined petrol, had assured Nigerians that there would be no increment in price of the product for February and March.
In a statement issued by its Group General Manager, Group Public Affairs Division, Kennie Obateru, the NNPC assured that contrary to speculations of imminent increase in the price of petrol in the country, there would be no increment in the ex-depot price of petrol in March.
It said, “the Corporation was not contemplating any raise in the price of petrol in March in order not to jeopardise ongoing engagements with organized labour and other stakeholders on an acceptable framework that will not expose the ordinary Nigerian to any hardship.”