Amidst biting petrol scarcity in Nigeria, the Federal Government has increased the pump price of fuel to N185 per litre.
The increase in price of petrol is by 8.8 per cent elevating from N170 to N185 per litre.
According to Vanguard Newspaper, an internal memo to that effect was sent to various stakeholders in the oil sector. The ex-depot price also shot up from N148 per litre to N167. A few petrol stations belonging to the Major Marketers Association of Nigeria, MOMAN, have already adjusted their pumps in line with the new price directive.
Speaking on the development, the President of the Independent Petroleum Marketers of Nigeria IPMAN, Chinedu Okonkwo, said;
“So I heard but we are waiting for the circular because without that we cannot do anything. Hopefully, by tomorrow (today) we will get a clearer picture.”
Reacting to the fact that some major oil marketers had adjusted their pump price to the new approved price, he noted that;
“Well they can adjust as the product is scarce to get at the moment, but with the new approved price, we hope to get products so we can sell to consumers”
Commenting on the development, the National Operations Controller, of the Independent Petroleum Marketers Association of Nigeria, IPMAN, Mr. Mike Osatuyi, said his members had continued to lift the product at N240 per litre. However, most independent retailers of petrol in Lagos have adjusted their pump prices to between N290 and over N300 per litre.
The Federal Government had earlier concluded plans for the gradual removal of petrol subsidy from April 2023 in order to achieve stability in the downstream sector of the petroleum industry.
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