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.
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)
