The Federal Government has officially increased the price of petrol by 8.8 per cent to N185 per litre, from N170 per litre.
The ex-depot price also moved up from N148 per litre to N167.
The government disclosed this in a notice to fuel marketers, yesterday, directing that the new price should take immediate effect.
The development has caused further anxiety for motorists who ended up spending hours in fuel stations in search of the product.
A source had told Vanguard that an internal memo was sent by the government to all marketers, including the Major Oil Marketers Association of Nigeria, (MOMAN), and the Independent Petroleum Marketers Association of Nigeria (IPMAN).
Responding to the development, the President of the IPMAN, Chinedu Okonkwo, said, “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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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, the national operations controller, of the IPMAN, Mike Osatuyi, said his members had continued to lift the product at N240 per litre.
Meanwhile, most independent retailers of petrol in Lagos have adjusted their pump prices to between N290 and over N300 per litre.
Information Nigeria gathered that many filling stations for a long time, have been selling above the new price, making it outrageous and unbearable for motorists.
However, most of the IPMAN petrol stations do not have stocks of petrol, forcing a few with the products to sell at exorbitant prices.