Breaking: Petrol Price Increased Without FG Approval

• Petrol Price increased

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Many filling stations across Lagos and Ogun States have increased the pump price of Premium Motor Spirit (PMS), popularly called Petrol, from N161/litre to N173/litre.

Though the Federal Government has not officially increased the pump price, some marketers have increased the price while others decided to hoard the commodity, waiting for an official hike announcement soon.

This was disclosed in an investigation by our reporters. They found that most of the stations visited now sell between N167/litre and N170/litre even in South East.

While stations like Jof Petroleum, sell at N173/litre, NNPC (both in Magboro) sell at N167/litre and others like Conoil, Capital Oil, Lagos (all along Lagos-Ibadan expressway) have also increased their prices too.

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One of the attendants, who spoke on condition of anonymity, explained that the management of the station instructed them to adjust the meter, as the government is expected to increase the pump price soon.

She said, “We have been selling from two out of our five dispensers and that is not because we don’t have the product but because we don’t want to run out when the price is increased later.”

The manager of NNPC, which sells at N167/litre, said, “It is difficult for marketers to profitably sell at the approved pump price. We have been running at a loss before now, so it is important for us to make money as the cost of petrol would definitely increase soon.”