Federal Government Increases Petrol Price Amid Fuel Scarcity

Federal Government has increased petrol price amid fuel scarcity in Nigeria.

Newsone reports that the Federal Government of Nigeria led by President Muhammadu Buhari has quietly approved ₦185 as the new petrol pump price per litre.

A report sighted on The Guardian by Newsone Nigeria quoted a source to have said that the approved petrol pump price was communicated to major marketers in a memo early Thursday, January 19, 2023.

The report added that fuel stations in Lagos State, Nigeria’s commercial city, have started adjusting their pump price to the approved ₦185 per litre.

The newly approved petrol pump price comes weeks after there had been nationwide petrol scarcity, leading to long queues in fuel stations since late November 2022.

Although the official pump price was ₦165 per litre many fuel stations sold fuel above ₦200 per litre in Lagos and other parts of Nigeria.

Meanwhile, News One Nigeria reports that major petrol marketers adjusted fuel prices in November 2022 to meet their operating expenses.