Inside Nigeria

FG Secretly Approves N185/litre as New Pump Price of Petrol

The Federal Government may have quietly approved ₦185 per litre  as the new pump price of petrol.

A source told The Guardian newspaper, quoting a source, reported, Thursday, that the new pump price was communicated to major marketers last Friday.

Consequently, the newspaper reported that fuel stations in Lagos had started adjusting their pump price to the approved ₦185 per litre.

The new price came on the heels of a nationwide petrol scarcity that has triggered long queues in fuel stations since late November 2022.

Even though the official pump price was ₦165 per litre, many fuel stations sold fuel between  ₦200and N250 per litre in Lagos,  and and as much as N300 in other parts of  the country.

The stations attributed the hike to spiraling operational costs.

 

 

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