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.