FG Increases fuel price to N185 per litre

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The Federal Government has officially increased the price of petrol by 8.8 per cent to N185 per litre, from N170 per litre. The ex-depot price also moved up from N148 per litre to N167.

Vanguard reports that an internal memo to that effect has been 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.”

When told that some major oil marketers have adjusted their pump price to the new approved price, he said

“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.