The federal government has approved N185 as the new official petrol pump price per litre following severe fuel scarcity.
The new price is set to go into effect right away as ordered in a notice to fuel marketers on Thursday.
This price increase is meant to make up for the market realities brought on by rising exchange rates and high lightering costs.
However, many filling stations are yet to implement the new price and are still selling above the new price range, indicating that some marketers had yet to adopt the new price.
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National controller of operations for the Independent Petroleum Marketers Association of Nigeria, Mike Osatuyi told BusinessDay that the raise was meaningless if regulators don’t address supply issues.
“Most of my members are struggling to get products from NNPC’s depot; we are currently in a messy situation with supply despite the increase in pump price,” Mr Osatuyi said.
The government had initially said the subsidy on fuel would be gradually eased from April 2023, but the change had come a few months early.
