FG Hikes Fuel Price, Gives Directive On Immediate Implementation

Indications are that the Federal Government has officially increased petrol price to N185 per litre, from N170 per litre.

The government as gathered by Naija News has directed that the new price should take immediate effect.

It was learnt that while filling stations belonging to the Major Marketers Association of Nigeria (MOMAN), have already adjusted their pumps in line with the new price directive, the leadership of the Independent Petroleum Marketers Association of Nigeria (IPMAN) said they are yet to be informed.

The development is coming days after the federal government concluded plans for the gradual removal of the petrol subsidy from April 2023 to enable a stable deregulation of the downstream sector of the petroleum industry.

It was also gathered that while the increase indicates an 8.8%, the ex-depot price has also been increased from N148 per litre to N167.

A government source who pleaded anonymity told Vanguard that an internal memo was sent by the government to all marketers, including MOMAN and IPMAN.

However reacting to the development the President of the IPMAN, Chinedu Okonkwo, told Vanguard on Thursday that “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”

Also in his reaction, the IPMAN National Operations Controller, Mike Osatuyi, said his members had continued to lift the product at N240 per litre.

But was observed that most independent retailers of petrol in Lagos were already selling fuel between N290 and over N300 per litre, as the IPMAN petrol stations do not have stocks of petrol, forcing a few with the products to sell at high prices.

Speculation is however that Nigerians might buy the product at higher prices as the push for total deregulation has become stronger.