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 increased from N148 to N167 per litre.
However, Vanguard‘s findings show that many filling stations have been selling far above the new price, making the new price almost unattainable.
The government directed yesterday in a notice to fuel marketers that the new price take effect immediately.
According to Vanguard, a few petrol stations affiliated with the Major Marketers Association of Nigeria, MOMAN, have already adjusted their pumps to comply with the new price directive.
The development added to the anxiety of motorists who had spent hours in fuel lines looking for the product.
According to a source, the government sent an internal memo to all marketers, including the Major Oil Marketers Association of Nigeria (MOMAN) and the Independent Petroleum Marketers Association of Nigeria (IPMAN).
—IPMAN We lift at N240 per litre.
However, responding to the development, the President of the IPMAN, Mr Chinedu Okonkwo, told Vanguard yesterday, “So I heard but we are waiting for the circular because without that we cannot do anything. Hopefully, by tomorrow (today), we’ll have a better idea.”
When told that some major oil marketers had adjusted their pump prices to the new approved price, he responded, “Well, they can adjust because the product is scarce to get right now, but with the new approved price, we hope to get products so we can sell to consumers.”
Mr. Mike Osatuyi, National Operations Controller of the Independent Petroleum Marketers Association of Nigeria, IPMAN, commented on the development, saying his members had continued to lift the product at N240 per litre.
However, the majority of Lagos’ independent petrol retailers have raised their pump prices to between N290 and N300 per litre.
However, most IPMAN petrol stations do not stock petrol, forcing those who do to sell at exorbitant prices.
Betsy Petrol, an independent market in Alimosho LGA, Lagos, told Vanguard that they were actually selling the last stock they had yesterday.
“I feel sorry for the Keke Marwa (commercial tricycle operators) and Okada (commercial motorcycle riders) who have been coming to the filing station for fuel. That is why I decided to open today and sell the small amount of stock I have”.
The Federal Government had previously agreed to phase out gasoline subsidies beginning in April 2023 in order to achieve stability in the petroleum industry’s downstream sector.
