FG approves petrol price hike across the country

By Adeleke Adeseri

The price of petrol has finally been raised above N165 per litre across regions of the country.

Although the product has been selling above N165 in some parts of the country, a new price regime was released yesterday.

Petrol marketers have said the Federal Government gave approval for the raise, but the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) is yet to react to this.

Attempts to get a confirmation from the NMDPRA yesterday proved abortive as the spokesman of the agency, Mr Apollo Kimchi, did not respond to enquiries.

petrol pump

According to the regional price list effective from yesterday, the rate rose from N165 to N179 per litre in the South West, Southsouth and Southeast regions.

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The price was raised to N184 in the Northwest and N189 in the Northeast being a N24 increase, the highest in the new adjustment.

Petrol will now sell at N179 in the Northcentral region.

Although the product will sell for N169 in Lagos, marketers will sell for N174 in Abuja.

There is also an upward adjustment in the ex-depot price in the Lagos axis from N148.17 to a range of N160 and 162.

Depots in Warri/Ogbarra have their rates adjusted to N162-N165 while Port Harcourt depots will sell for N165-167.

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