The Federal Government of Nigeria has officially increased the price of petrol by 8.8 percent to ₦185 per litre, from ₦170 per litre.
Africa Today News, New York reports that the ex-depot price has shot up from ₦148 per litre to ₦167.
It was gathered yesterday that 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.
The development caused further anxiety for motorists who spent hours in fuel queues in search of the product.
A source said an internal memo was sent by the government to all marketers, including the Major Oil Marketers Association of Nigeria, MOMAN, and the Independent Petroleum Marketers Association of Nigeria, IPMAN.
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However, responding to the development, the President of the IPMAN, Mr. Chinedu Okonkwo, told Vanguard yesterday, “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.
But most of the IPMAN petrol stations do not have stocks of petrol, forcing a few with the products to sell at exorbitant prices.
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.