Information relayed by the Petroleum Products Pricing Regulatory Agency indicates that Nigerians may be required to pay more for fuel in the forthcoming festive season.
The agency said that the open market price for petrol is now about N163.68 instead of the N145 fixed by the government. The change in price is caused by an 18.68% increase in the landing cost of the product.
There are growing fears that the price hike might give rise to fuel scarcity if the government does not intervene.
Fuel price was recently increased from N87 to N145 in May 2016 after an initial attempt by the previous administration sparked a nationwide protest.