A new fuel price band between N170 and N175 may be approved by the federal government this week, Daily Trust has learnt.
The Nigerian National Petroleum Corporation (NNPC), the sole importer of refined petroleum products was selling at the old landing cost of N158.33 as of Saturday but government officials and some marketers have confirmed to Daily Trust that a new fuel price band is imminent this week.
The Minister of Petroleum Resources Timipre Sylva had two weeks ago said Nigerians should prepare for fuel price increase as oil price climbed above $60 per barrel.
The rise in crude oil price has taken the landing cost of petrol in Nigeria above N180 per litre. (DailyTrust)