Mr Chinedu Ukadike, Public Relations Officer (PRO) of the Independent Petroleum Marketers Association of Nigeria (IPMAN), has revealed that the recent increase in the price of petroleum products is due to market deregulation.
Ukadike said this in an interview with the News Agency of Nigeria (NAN) on Tuesday in Abuja. Reacting to the price hike, he said:
“This is the nature of a deregulated market, prices rise and fall based on market forces and each marketer’s supply costs.
“Consumers should be used to this by now, as pump prices are determined by several factors."
He explained that key determinants included the price of crude oil, the exchange rate, and other operational costs.
Recall that the Nigerian National Petroleum Company (NNPC) Limited and other marketers raised the pump price of Premium Motor Spirit (PMS), also known as petrol, on Monday in Abuja and Lagos. The increase is reportedly linked to the rise in international crude oil prices.
At NNPC retail outlets in Abuja, the pump price jumped by N50, from N895 to N945 per litre. Independent marketers also raised prices by between N45 and N60, depending on location and outlet.
Major stations such as A.Y.M. Shafa, AA Rano, and NIPCO sold PMS at a uniform price of N955 per litre.
Business owners have expressed frustration over the rising costs since fuel subsidies were removed.
Reacting to the new development, a business woman said: “They keep increasing fuel prices without considering the impact on ordinary citizens.
“Every increase leads to a rise in food prices, yet salaries remain the same. We are suffering in silence,” she said.
She called on the government to implement a sustainable solution to the recurring fuel price challenges.
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