The Federal Government has given approval to the Nigerian Midstream and Downstream Petroleum Regulatory Authority for an upward review of the official retail price of petrol to N185 per litre.
According to a source, who disclosed this to newsmen, the approved pump price was communicated to major marketers in an issued memo early yesterday, adding that an official announcement is expected anytime soon.
According to the source, the increase is to compensate for the current market realities associated with escalating foreign exchange and high lightering charges such as the cost of chartering shuttle vessels for discharge of the Premium Motor Spirit (PMS).
The newly approved 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 the country despite operating a subsidy regime.
Recall that last November, there were reports that major petrol marketers adjusted fuel prices to meet their operating expenses.
The Federal Government plans to spend N3.35 trillion on petrol subsidies from January to June 2023.
