The Independent Petroleum Marketers Association of Nigeria (IPMAN) has attributed the recent increase in fuel prices to market deregulation.
According to Mr. Chinedu Ukadike, IPMAN’s Public Relations Officer, “This is the nature of a deregulated market, prices rise and fall based on market forces and each marketer’s supply costs.”
Ukadike explained that pump prices are determined by several factors, including the price of crude oil, exchange rate, and operational costs.
“Consumers should be used to this by now, as pump prices are determined by several factors,” he said.
The Nigerian National Petroleum Company (NNPC) Limited and other marketers recently raised the pump price of Premium Motor Spirit (PMS) in Abuja and Lagos, citing a 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.
The price hike has sparked widespread frustration among citizens. Mrs. Adana Chris, a businesswoman, expressed her concerns, saying, “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.”
A taxi driver, Aminu Ibrahim, also decried the situation, stating, “I’m running at a loss. I buy fuel at high cost and can’t recover it from my daily income. My family depends on me, and it’s been tough.” He appealed to President Bola Tinubu to urgently intervene in the fuel crisis, saying, “It is not easy for many of us anymore.”
The development has left many Nigerians grappling with the economic implications of the fuel price hike, with calls on the government to implement sustainable solutions to address the recurring challenges.
NAN
