FG INCREASES PETROL PRICE TO N185 PER LITRE

The price of petrol has officially increased by 8.8% from N170 per liter to N185 per liter, according to the directive given by the Federal Government.

Additionally, the ex-depot price increased from N148 to N167 per litre.

ValidViewNetwork has discovered that several gas stations have been selling for significantly more than this new price, which may have rendered the new pricing all but unattainable.

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

Yesterday, ValidViewNetwork learned that a few gas stations affiliated with MOMAN, the Major Marketers Association of Nigeria, had already changed their pumps to comply with the new price rule.

The development caused further anxiety for motorists who spent hours in fuel queues in search of the product.

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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, responding to the development, the President of the IPMAN, Mr Chinedu Okonkwo, said 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”

In response to the news, Mr. Mike Osatuyi, National Operations Controller of the Independent Petroleum Marketers Association of Nigeria (IPMAN), said his members have 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, because most IPMAN gas stations lack fuel, those that have must charge outrageous prices to sell their stock.

In order to ensure stability in the downstream sector of the petroleum industry, the Federal Government had previously finalized plans for the progressive withdrawal of the petrol subsidy from April 2023.