January 21, 2023

Nigerian govt increases petrol price to N185/litre

The Federal Government has now increased the price of petrol from N170 per litre to N185 per litre. This represents an 8.8 per cent hike. The ex-depot price has also shot up from N148 per litre to N167. However, many filling stations have been selling far above this new price, which may have made the new price almost unrealistic. In a notice to fuel marketers, yesterday, the government directed that the new price should take immediate effect. Vanguard gathered yesterday that 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.
The development caused further anxiety for motorists who spent hours in fuel queues searching for the product. A source said the government sent an internal memo to all marketers, including the Major Oil Marketers Association of Nigeria, MOMAN, and the Independent Petroleum Marketers Association of Nigeria, IPMAN.
We lift at N240 per litre — IPMAN
However, responding to the development, the President of the IPMAN, Mr Chinedu Okonkwo, told Vanguard 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.”
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