The Federal Government of Nigeria (FGN) has announced an increase in the price of petrol, with the new pump price set at ₦185 per litre.
The decision, which was communicated to major marketers in a memo early Thursday, comes on the heels of a nationwide petrol scarcity that saw long queues at fuel stations throughout the country.
According to sources, the approved pump price is an attempt to combat the rising costs of fuel imports and to address the country’s ongoing economic challenges.
However, the move has been met with criticism from consumers and industry experts, who argue that the increase will only serve to further burden already struggling citizens.
According to The Guardian, fuel stations in Lagos and other parts of Nigeria have already begun adjusting their prices to the new approved rate, with some stations selling fuel above the official pump price of ₦185 per litre.
The newly approved price comes after weeks of nationwide petrol scarcity, which has resulted in long lines at gas stations since late November 2022.
Although the official pump price was 165 per litre, many fuel stations in Lagos and other parts of Nigeria sold fuel for more than 200 per litre.
As the country continues to grapple with the impact of the petrol price increase, many are calling on the government to take steps to address the underlying economic issues and to implement policies that will help to ease the burden on citizens.