The Federal government has officially increased the price of petrol by 8.8 per cent to N185, from N170 per litre.
However, several filling stations have been selling far above the new price, apparently indicating that the new official price may after all be unrealistic.
In a notice to fuel marketers on Thursday, the government directed that the new price should take immediate effect.
A few petrol stations belonging to the Major Marketers Association of Nigeria (MOMAN) have already adjusted their pumps in line with the new price directive.
The development caused further anxiety for motorists who spent hours on fuel queues in search of the product.
A source said an internal memo was dispatched by the government to all marketers, including MOMAN, and the Independent Petroleum Marketers Association of Nigeria (IPMAN).
However, the President of IPMAN, Mr. Chinedu Okonkwo, was quoted as saying: “So I heard but we are waiting for the circular because without that we cannot do anything. Hopefully, by tomorrow (Friday) we will get a clearer picture.”
Told that some major oil marketers have adjusted their pumps to the new approved price, he said: “Well, they can adjust as the product is scarce to get at the moment, but with the new approved price, we hope to get products so we can sell to consumers.”
The National Operations Controller of the Independent Petroleum Marketers Association of Nigeria (IPMAN), Mr. Mike Osatuyi, said his members have continued to lift the product at N240 per litre.
But most of the IPMAN petrol stations do not have stocks of petrol, forcing a few with the products to sell at exorbitant prices.
An independent market, Betsy Petrol at Alimosho LGA, Lagos, said they were actually selling the last stock they had on Wednesday.
“I have pity for the Keke Marwa (commercial tricycle operators) and Okada (commercial motorcycle riders) who have been coming to the filing station in search of fuel. That is why I decided to open today and sell the little stock I have”.
The Federal government had earlier concluded plans for the gradual removal of petrol subsidy from April 2023 in order to achieve stability in the downstream sector of the petroleum industry.
However, most independent retailers of petrol in Lagos have adjusted their pump prices to between N290 and over N300 per litre.
The Chairman of the MOMAN, Olumide Adeosun, had earlier called for gradual deregulation of the sector.
He had said: “MOMAN, as an association, fears that the current supply framework cannot guarantee steady and consistent supplies to the country given the current state of government finances and unpredictable international supply shortages. We, therefore, recommend a gradual price deregulation with targeted palliatives (eg. transport and agricultural subsidies) to the public to ease implementation.”