Amidst the unbending economic situation in Nigeria, oil marketers are now set to dispense Premium Motor Spirit commonly known as petrol at the rate of N170 – N190 per litre in filling stations within the country following the recent hike of the commodity.

This outcome which has reflected on the display boards of most filling stations across the country may leave tongues wagging as the sudden hike of this commodity arose just after its scarcity.

Punch newspaper reported confirming price adjustment by some petrol stations. The newspaper reports that “filling stations in Lagos and Ogun states increased the pump price of petrol to N170 per litre on Tuesday from N162 per litre.”

“Some of the stations were Capital Oil and Gas, Fatgbems and Amo Oil, all along the Lagos-Ibadan Expressway. Another station, Enyo Retail, adjusted its pump price to N165 per litre from N162.” The paper reported.

Clarfiorm reports that the increase in the price of Petroleum which has resulted to the disappearance of the lingering queues in the city of Lagos and Abuja was the outcome of an enclosed meeting held between the Nigerian Midstream and Downstream Petroleum Regulatory Authority and oil marketers last Thursday.

The National Operations Controller, IPMAN, Mike Osatuyi gave reasons behind the hike in petroleum rates describing it as a “market fundamentally determined price.”

He emphasized that it is preferable for petroleum to be available at these prices than purchasing from black marketers at rates as high as #250 per litre.

However, Nigerians are yet to adapt to the newly set prices as some complaints echo through the fuel stations following the recent developments.

Flashback:

Clariform had earlier reported that in the run up to the 2023 elections, it will be politically suicidal for the ruling All Progressive Congress (APC) to oversee the removal of fuel subsidy, which will lead to immediate skyrocketing in the price of the PMS in the country.

The backlash would almost certainly cement the fate of the APC and their candidate, an outcome that neither President Buhari, nor his the APC chieftains will support, and would rather prefer to allow the treasury continue to drain in the face of fuel subsidy pressure and the corruption associated with it.