How FG 'quitely' increased petrol price up to N200/litre

The Federal Government on Thursday quietly approved an increment in the pump price of Premium Motor Spirit, PMS, otherwise known as petroleum.

According to information circulated to marketers, a new regime of fuel prices was announced and immediately implemented by marketers.

The decision to adjust prices, according to insiders, is to encourage marketers to open up for business rather than the ongoing phased rationing causing scarcity, long queues and exploitation of Nigerians by independent marketers and black market operators.

Although the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) and NNPCL have remained silent on the development, the same pattern was deployed about six months ago when prices were adjusted to between N160 and N170 per litre.

In the message sighted by The Guardian, major marketers were informed of the changes across geographical zones. PMS is expected to sell for N185 per litre in Lagos, N190 within the Southwest, South South and North Central zones, N195 per litre in the South East, FCT and North West zones, while the commodity is expected to sell for N200 per litre in the North East.

Already, major marketers have begun implementation of the new rates across the zones.

With the announcement, many outlets hitherto under lock and key in Lagos have begun to open up for consumers, creating options for those in dire need of the product, while queues gradually dissipate.

Also, an NNPC retailer in Kano, confided to BizPoint that they had received a directive to immediately adjust the litre from N183 to N194/litre.

According to the retailer, who did not want his name mentioned, said the major marketers had also been directed to sell the product at N220 over litre, adding that the new price regime had since been implemented.

BizPoint reports that the decision was taken quitely as inquiries conducted by the newspaper at the NNPCL indicated that majority of the staff were not aware of the development.