The increase in the price of Premium Motor Spirit, popularly known as petrol from N165 per litre to N179 per litre has been approved by the Nigerian National Petroleum Company Limited (NNPC).
The new price approved by NNPC is expected to take effect today across the country as it directs fuel marketers to change the petrol price on pumps today.
NNPC also increased the ex-depot price from N148.17 to N167 per litre.
The decision was reached weeks after fuel marketers adopted different prices following petrol scarcity across the country.
Some filling stations had changed the price on their meter, while others left the approved retail price of N165 per litre but were selling above the displayed price.
Some filling stations were dispensing fuel for motorists for around N170 to N175 per litre.