No plan to increase fuel price, marketers clarify

Following the recent increase in crude oil price to $94 and fears that Premium Motor Spirit (PMS) might cost more, marketers have dismissed the apprehension.

According to them, there has been no announcement by the Nigerian National Petroleum Company Limited (NNPCL) in that respect.

Marketers had explained that the price of crude oil and the exchange rate account for over 80 percent of the cost of petrol.

National President of the Independent Petroleum Marketers Association of Nigeria (IPMAN), Chinedu Okoronkwo, in a chat with The Guardian, described the anxiety as mere speculation, adding that the government may have stored products that could last till December.

On his part, Managing Director, 11plc (formerly Mobil Oil Nigeria Plc), Adetunji Oyebanji, said that given the price of crude, and refined gasoline and the exchange rate, the current prices are not reflective of the market.

Noting that subsidy is considerably lower, he added that the issue must be wisely tackled due to its impact on the economy.

Source- Guardian Newspaper.

Leave a Reply

Your email address will not be published. Required fields are marked *