Premium Motor Spirit popularly known as petrol will now be sold between N170/litre and N190/litre in filling stations across the country; following what we believe to be a subtle agreement between Federal Government officials and oil marketers. The development was the outcome of a meeting between the Nigerian Midstream and Downstream Petroleum Regulatory Authority and oil marketers.
Sources privy to the meeting said they agreed that they should increase the pump price of petrol by N10 per litre. A market survey on Sunday revealed that price display boards at some petrol stations in Lagos; reflected new prices starting between N170 per litre and N175 per litre.
However, some other filling stations sold above these prices, with some selling as high as N185/litre. Oil marketers denied holding a meeting with the NMDPRA on the subject matter; but sources close to the matter confirmed to our correspondent that the meeting actually held.
The officials said the NMDPRA agreed marketers could increase their pump price to N165-N175/litre for filling stations inside towns; and a maximum of N190/litre for those on the outskirts.