FG increases petrol price to ₦185 per litre.

FG increases petrol price to ₦185 per litre.

The Federal Government has officially increased the price of petrol by 8.8 per cent to ₦185 per litre, from ₦170 per litre. The ex-depot price also shot up from ₦148 per litre to ₦167.

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.

Vanguard reports 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.