The price of Premium Motor Spirit, PMS, popularly known as petrol, has been raised from N165/litre to N170/litre and N190/litre respectively in filling stations across the country, following what is believed to be a subtle agreement between the Federal Government officials and oil marketers.
The development was the outcome of a meeting between the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) and oil marketers on Thursday, July 14.
Sources privy to the meeting said it was agreed that the pump price of petrol should be increased by N10 per litre.
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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.
“The meeting was held and everybody was told to keep mum. A band of N165-N175/litre was approved for the filling stations inside towns, while N189 was approved for those outside towns,” a source told PUNCH.