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 shot up from N148 per litre to N167. In a notice to fuel marketers, yesterday, the government directed that the new price should take immediate effect.
It is reported that the recent increase in the price of petrol is to compensate for the current market realities associated with escalating foreign exchange.
Commenting on the development, the National Operations Controller, of the Independent Petroleum Marketers Association of Nigeria, IPMAN, Mr. Mike Osatuyi, said his members had continued to lift the product at N240 per litre.
However, most independent retailers of petrol in Lagos have adjusted their pump prices to between N290 and over N300 per litre.
But most of the IPMAN petrol stations do not have stocks of petrol, forcing a few with the products to sell at exorbitant prices.
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