The Federal Government has reportedly introduced a price-modulation mechanism for petrol, with a proposed ceiling of N1,350 per litre on the landing cost. According to Voice of Nigeria and Punch Newspapers, the move aims to cushion the impact of rising fuel prices on Nigerian consumers. The new ceiling price is a significant increase from the current price of N162 per litre, and if implemented, it could lead to a substantial increase in the cost of living for many Nigerians. The Government has not yet announced when the new price ceiling will come into effect, but it is expected to provide more details in the coming days. This development comes amidst growing concerns over the rising cost of fuel in Nigeria, with many calling for more transparency in the pricing mechanism. The Government’s decision to introduce a price ceiling could be seen as a step towards addressing these concerns, but it remains to be seen how it will impact the overall cost of living for Nigerians. The Government has not yet commented on the potential impact of the new price ceiling on fuel supply, but it is expected to provide more details in the coming days.
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