FG hikes petrol price to N185 per litre

The petrol price has officially increased by 8.8% from N170 per liter to N185 per liter by the Federal Government.

Yesterday, the government ordered that the new price go into effect right away in a notice to fuel marketers.

A few gas stations affiliated with the Major Marketers Association of Nigeria MOMAN, were said to have already modified their pumps to comply with the new price rule, according to information obtained yesterday.

As a result, drivers who had been waiting in fuel lines for hours to get the product had heightened anxiety.

According to a source, the government sent an internal memo to all marketers, including the Independent Petroleum Marketers Association of Nigeria (IPMAN) and the Major Oil Marketers Association of Nigeria (MOMAN).

However, in response to the development, Mr. Chinedu Okonkwo, the President of the IPMAN, said in a statement to 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 informed that some significant oil marketers had changed their pump prices to reflect the new approved price, he responded, “Well, they can adapt as the product is now hard to get by, but with the new approved price, we hope to receive products so we can sell to consumers.”

The Independent Petroleum Marketers Association of Nigeria’s (IPMAN) National Operations Controller, Mr. Mike Osatuyi, commented on the incident by saying that his members had continued to lift the product at N240 per litre.

However, the majority of independent gas stations in Lagos have raised their pump prices to N290 or more per litre.

However, the majority of IPMAN gas stations are out of petrol, which forces the ones that do have the product to charge outrageous prices.

According to Betsy Petrol, an independent market in Alimosho LGA, Lagos, they were actually selling the final quantity they had yesterday, according to Vanguard.

“I have pity for the Keke Marwa (commercial tricycle operators) and Okada (commercial motorcycle riders) who have been coming to the filing station in search of fuel. That is why I decided to open today and sell the little stock I have”.

To establish stability in the petroleum industry’s downstream sector, the federal government had previously finalized plans for the phased elimination of fuel subsidies beginning in April 2023.