Has There Been An About-Turn on Nigeria's Fuel Price Hike?

The Nigerian National Petroleum Corporation (NNPC) seems to have reversed the government's sudden decision to increase the petrol price, with the Petroleum Products Pricing Regulatory Agency (PPPRA) deleting a post announcing the huge increment in fuel price. The NNPC has repeated its earlier claim that there would be no increase in March 2021. It is not clear whether the decision to delete the post signalled a reversal of the price hike by the government. The announcement of a new price came amid a partial scarcity of fuel that has lingered for weeks, with filling stations clogged by cars queueing for petrol. Labour unions have warned against price hikes after a rebound in oil prices, which has forced the government to keep them unchanged since December 2020. If increased, the new prices are expected to promptly impact on the cost of goods and services, and with inflation at a three-year high, will make it harder for citizens to afford food and other basic needs. Nigerians have already taken to social media with the hashtag #FuelPriceHike to object to the decision, with several people calling for a protest.

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