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Home Business Markets

FG pegs petroleum pump price at N185

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FG pegs petroleum pump price at N185
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The Federal Government has quietly approved ₦185 as the new petrol pump price per litre.

A source told The Guardian that the approved pump price was communicated to major marketers in a memo early Thursday.

It was gathered that fuel stations in Lagos have started adjusting their pump price to the approved ₦185 per litre.

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Petroleum-producing nations are reaping extra revenue since Ukraine’s crisis pushed global oil prices above $100 a barrel, but Nigeria, Africa’s biggest crude producer, is struggling with fuel scarcities that are causing traffic snarks in Lagos and other cities.

•By Dennis Erezi (The Guardian)

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