The Federal Government has quietly approved ₦185 as the new petrol pump price per litre.

A source told The Guardian that the approved pump price was communicated to major marketers in a memo early Thursday.

Our correspondent gathered that fuel stations in Lagos have started adjusting their pump price to the approved ₦185 per litre.

The newly approved price comes weeks after there had been nationwide petrol scarcity, leading to long queues in fuel stations since late November 2022.

Although the official pump price was ₦165 per litre many fuel stations sold fuel above ₦200 per litre in Lagos and other parts of Nigeria.

The Guardian reported last November that major petrol marketers adjusted fuel prices to meet their operating expenses.