Price band of petrol now at 145 Naira.

What is all this?

Fuel scarcity had hit Nigeria, lasting for over five months, the worst that the nation had experienced in the last decade.

And this is what they can come up with?

The new price was set on Wednesday after a meeting of various stakeholders presided over by the Vice President, Professor Yemi Osinbajo.

At the meeting, it was emphasised that the main reason for the current problem was the inability of importers of petroleum products to source foreign exchange at the official rate due to the massive decline of foreign exchange earnings of the Federal Government.

The DPR and PPPRA have been mandated to ensure strict regulatory compliance including dealing decisively with anyone involved in hoarding petroleum products.