Premium Motor Spirit popularly known as petrol is now sold between N170/litre and N190/litre in filling stations across the country, following what is believed to be a subtle agreement between Federal Government officials and oil marketers.
The Punch reported that the development was the outcome of a meeting between the Nigerian Midstream and Downstream Petroleum Regulatory Authority and oil marketers on Thursday.
Sources privy to the meeting said it was agreed that the pump price of petrol should be increased by N10 per litre.
A market survey on Sunday revealed that price display boards at some petrol stations in Lagos reflected new prices starting between N170 per litre and N175 per litre.
However, some other filling stations sold above these prices, with some selling as high as N185/litre.
Oil marketers denied there was any meeting where new prices were agreed but sources close to the matter confirmed to Punch that the meeting actually held.
The officials said the NMDPRA agreed marketers could increase their pump price to N165-N175/litre for filling stations inside towns, and a maximum of N190/litre for those on the outskirts.
The National Operations Controller, IPMAN, Mike Osatuyi, explained the reasons behind the fuel pump price hike.
Osatuyi, who also denied that a meeting held between oil marketers and the Federal Government on Thursday, however, disclosed that there was a fresh increase, describing it as a “market fundamentally determined price.”
