FG May Hike Fuel Pump Price To N130/Litre

There are indications that the Federal Government may be considering increasing fuel price as part of measures to resolve the recurring fuel shortages.

Sources at the Petroleum Product Pricing Resulated Agency, PPPRA, have said that if the plan is executed, overnment may also have to abandon its policy of fixing the pump price of petrol in order to allow independent marketers resume the importation of fuel to sell at profitable margins.

According to the sources, the resumption of products importation by marketers will be an indication that price regulation by government may no longer be feasible since the recent price modulation by the Petroleum Products Pricing Regulatory Agency, PPPRA, has failed to resolve the crises.

A reliable source from the agency further stated that petrol may now be sold for N130 per litre.

However, petrol stations operated by the NNPC will continue to sell petrol at the current price of around N86 as government intends to continue to adjust prices at its stations under the modulation template it recently introduced, the sources further said.