Petrol price has finally been raised above N165 per litre

Following the perennial fuel crisis that recently hit the country, the official price of petroleum has finally been raised.

The official price of petroleum in Nigeria is N165 per litre, but the commodity has been selling above the official price due to the recent fuel crisis in the country.

During the crisis, petrol marketers had called on the Federal Government to increase the official price as fuel stations across the country were already selling beyond the official price of N165 per litre.

The marketers argued that selling at N165 per litre was no longer sustainable

So, on Tuesday, July 18, 2022, the Federal Government announced a new price regime.

According to Guardian, the Nigerian National Petroleum Company (NNPC) Limited has approved an upward review in the pump price of petrol from N165 per litre to N179 per litre.

The official price was raised to N179 per litre in the southern part of the country while Nigerians in the north will pay much more for a litre.

Daily Trust reports that a litre of petrol will now sell at N184 in the northwest and N189 in the northeast.

In Lagos and Abuja, the product will sell for N169 and N174 per litre respectively.

The NNPC has also directed fuel marketers to change the petrol price on pumps to the new price.