BREAKING: Federal Government increases Petrol Price, to sell at N170 per litre

The Federal Government of Nigeria have once again increase the price a litre of petrol is being sold in the country.

The Federal Government through the Independent Petroleum Marketers Association

of Nigeria (IPMAN) has directed marketers to sell the Premium Motor Spirit (PMS ) for N170 per litre.

IPMAN’s instruction followed Thursday’s night announcement of N155 .17 ex-depot price to the marketers.

Abubakar Maigandi, IPMAN National Vice President, said:

“The PPPMC ) last midnight told us that the ex-depot price is now N155. 17 per litre. We have directed our marketers to sell for N170 per litre.”

The IPMAN National Vice President also noted that the petrol price will still depend on the forces of demand and supply.

This is coming after the Nigerian National Petroleum Corporation (NNPC) had not announced the price for two months.

Following the deregulation of petrol prices in September, marketers across the country had adjusted their pump prices to between N158 and N162 per litre to reflect the increase in global oil prices.