FG To Raise Fuel Price To N130

The Federal Government may be considering increasing petrol price as part of efforts to resolve perennial fuel shortages. If the plan sails through, government 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, sources at the Petroleum Product Pricing Resulated Agency (PPPRA) have said. 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 credible source from the agency further stated that petrol may now be sold for N130 per litre. Already, fuel queues have resurfaced at most fuel stations in Abuja few days after disappearing.