Several petrol stations across the country have been selling the product at a new price, following the Federal Government’s purported official increase of the product by 8.8 percent to N185 per litre, from N170 per litre.
The ex-depot price also shot up from N148 per litre to N167.
However, many filling stations have been selling far above this new price, a situation which may have made the new price almost unrealistic.
Accordibg to reports, in a notice to fuel marketers on Thursday, the government directed that the new price should take immediate effect.
A few petrol stations belonging to the Major Marketers Association of Nigeria (MOMAN) immediately adjusted their pumps, in line with the new price directive. The development caused further anxiety for motorists, who spent hours in fuel queues in search of the product.
A source said an internal memo was sent by the government to all marketers, including MOMAN and the Independent Petroleum Marketers Association of Nigeria, (IPMAN).
Responding to the development, the President of IPMAN, Chinedu Okonkwo, said: “So I heard; but we are waiting for the circular, because without that we cannot do anything. Hopefully, by tomorrow (Friday) we will get a clearer picture”.
Commenting on the development, the IPMAN National Operations Controller, 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.
However, most of the IPMAN petrol stations didn’t appear to have the stock, forcing a few with the products to sell at exorbitant prices.
Revall that the Federal Government had earlier announced plans for the gradual removal of petrol subsidy from April 2023 in order to achieve stability in the downstream sector of the petroleum industry.
In its reaction to the announcement of the petrol hike, the Organised Labour expressed shock, describing it as the “last kick of a dying regime”.
