The Federal Government has officially increased the price of petrol by 8.8 per cent to N185 per litre, from N170 per litre.
The ex-depot price also shot up from N148 per litre to N167. In a notice to fuel marketers, yesterday, the government directed that the new price should take immediate effect.
It is reported that the recent increase in the price of petrol is to compensate for the current market realities associated with escalating foreign exchange.
Vanguard reports that 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.