FG increases fuel price to N185 per litre

The fuel price has officially increased by 8.8% from N170 per liter to N185 per liter by the Federal Government.

However, reports in the news media indicate that many gas stations have been selling for significantly more than this new price, a circumstance that may have rendered the new pricing all but unattainable.

Yesterday, the government instructed that the new price take immediate effect in a notice to fuel marketers.

Vanguard gathered yesterday that a few petrol stations belonging to the Major Marketers Association of Nigeria, MOMAN, have already 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 the Major Oil Marketers Association of Nigeria, MOMAN, and the Independent Petroleum Marketers Association of Nigeria, IPMAN.

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 will get a clearer picture.”