Nigeria’s petroleum product marketers and filling station owners have increased the price of Premium Motor Spirit.
It was observed that major filling stations in the Federal
Capital Territory, Abuja, on Friday, gathered that members of the Independent
Petroleum Marketers Association of Nigeria, IPMAN, had hiked their fuel prices
by between N35 and N45 per litre.
This was the case at the Empire Energy filling station in
Gwarimpa, where the petrol pump price rose to N955 per litre from N910.
Similarly, AA Rano, Eterna and other filling stations raised their pump prices
within Abuja to N935 per litre from between N900 and N905.
Reacting to the development, the National President of
IPMAN, Abubakar Maigandi, attributed the latest hike in domestic petrol prices
among its members to the global oil price surge.
According to him, fuel price fluctuations are a function of
global oil prices. He, however, noted that once there is a drop in global oil
prices, the cost of purchasing domestic petrol would reduce.
“This is because of the change in crude oil prices, which
has affected the domestic premium motor spirit price. You will see that there
are changes in prices. Nevertheless, when the crude oil price comes down, the
local petrol price will still reduce.
“For IPMAN members, we don’t buy much stock; automatically,
when our stock finishes, we source a new one, and additional prices have been
added to fresh stocks. That’s why you are seeing new prices now. The beautiful
thing is that the product is available everywhere,” he stated.
Oil prices, such as Brent Crude and West Texas Intermediate,
increased in the past week to $77.04 and $75 per barrel, respectively, as of
Friday evening, following the escalation of conflict between Israel and Iran.
Advertise on NigerianEye.com to reach thousands of our daily users
No comments
Post a Comment
Kindly drop a comment below.
(Comments are moderated. Clean comments will be approved immediately)
Advert Enquires - Reach out to us at NigerianEye@gmail.com