The federal government has quietly approved N185 as the new official petrol pump price per litre as petrol scarcity persists across the country.
The government had previously stated that the subsidy regime would be gradually phased out beginning in April.
However, the government ordered that the new price goes into effect right away in a notice to fuel marketers on Thursday.
The price increase is meant to make up for the market realities brought on by rising exchange rates and high lightering costs.
However, as of Friday afternoon, many filling stations were still selling above the new price range, indicating that some marketers had yet to adopt the new price.
Checks by FTN in Lagos on Friday revealed that some independent marketers were selling as high as N280 per litre. A litre of fuel was sold at N280 along Channels Road, in Opic, Lagos. It sold for N230 at the Nationwide filling station and N230 at Amuf filling station-all in Lagos as of Friday afternoon.
A litre of fuel costs N230 in Oando filling station, Ogba. BOVAS, on the other hand, had adjusted their pump price to the new approved N185 per litre.
Mike Osatuyi, national controller of operations for the Independent Petroleum Marketers Association of Nigeria, 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.
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