Since last week, there has been insinuation from different quarters that the petrol price might go up soon owing to series of meetings held throughout last week by the stakeholders in the sector on the need to review the price so as to fill the gap exiting between the returns on investment and cost.
Recently, N138.62 was approved by the Petroleum Products Pricing Regulatory Agency (PPPRA) as ex-depot price for a litre of petrol, and with the current reviewed price, Nigerians will have to pay more for petrol.
Many filling stations in Lagos were shut on Tuesday in anticipation of the price hike. National Vice President of the Independent Petroleum Marketers Association of Nigeria (IPMAN) Abubakar Maigandi told newsmen last night that the PPPRA raised the depot price from N132/N133 by N6 per litre.