FG increases Petrol price to N185 per litre

The Federal Government has officially increased the price of petrol from N170 per litre to N185 per litre.

An internal memo was released to that effect and has been sent to various stakeholders in the oil sector. The ex-depot price also increased 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.

According to the President of the Independent Petroleum Marketers of Nigeria IPMAN, Chinedu Okonkwo, he heard about the development but nothing can be done

“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, he said

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”