Amid Crude Oil Prices Surge To $94, Marketers Speaks On Increasing Fuel Price In Nigeria

Amid Crude Oil Prices Surge To $94, Marketers Speaks On Increasing Fuel Price In Nigeria

In light of the recent surge in crude oil prices to $94, concerns have arisen about a potential increase in the cost of Premium Motor Spirit (PMS).

However, marketers have dismissed these fears, citing the absence of any official announcement from the Nigerian National Petroleum Company Limited (NNPCL) on the matter.

Read Also BREAKING: Tinubu Approves El-Rufai, Others For Appointment (FULL LIST)

Marketers have clarified that the price of crude oil and the exchange rate collectively constitute more than 80 percent of the petrol cost. Chinedu Okoronkwo, the National President of the Independent Petroleum Marketers Association of Nigeria (IPMAN), expressed that the current apprehension is based on speculations. He further suggested that the government might have an adequate supply of the product to last until December.

Adetunji Oyebanji, the Managing Director of 11plc (formerly Mobil Oil Nigeria Plc), emphasized that given the prices of crude oil, refined gasoline, and the exchange rate, the existing prices do not accurately mirror the market conditions. While acknowledging that the subsidy is considerably lower, he stressed the need for a thoughtful approach to address its impact on the economy.