Marketers Address New Petrol Price Across Filling Stations in Lagos, Abuja, Others

• Petroleum Marketers have denied claims that gas prices will soon increase nationwide
• The chairman of IPMAN said that since the country already has refineries, market forces now determine prices
• He also reassured that the refineries' operations will help to lower fuel prices across the country

Legit.ng journalist Zainab Iwayemi has 5-year-experience covering the Economy, Technology, and Capital Market.

Claims that petrol prices will soon rise nationally have been rejected by the Independent Petroleum Marketers Association of Nigeria (IPMAN).

In an interview with Voice of America, IPMAN Chairman Bashir Salisu Tahir stated that since the nation now has refineries, prices are now set by market forces.

Tahir informed the public that none of their members had raised the price of petrol nationwide and reassured them that the refineries' operations will help to lower fuel prices across the country.

He said,

“The market now determines prices, and there is no truth to the rumors of an increase in petrol prices. While diesel prices have risen recently due to market dynamics, they will naturally fall when market conditions improve.”

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Currently, petrol costs at least N930 at filling stations nationwide, and there is a strong expectation that prices will continue to plummet, The Guardian reported.

Factors determining petrol price

Senator Heineken Lokpobiri, the Minister of Petroleum Resources (Oil), has promised continued cooperation with oil and gas companies.

However, he underlined that market forces would still determine the fuel price in a deregulated market.

The minister gave a speech during the Petroleum Industry Stakeholders Forum Meeting in Abuja, which gathered important participants from the Federal Government as well as other private companies, The Nation reported.

The stakeholders at the meeting praised the federal government for fostering an atmosphere conducive to success.

The meeting was intended to foster consensus to articulate what is best for the industry, the minister stated.

Lokpobiri said:

”The whole essence of the meeting was to bring the entire leadership of the oil industry together so that we will be able to build consensus around saying things that we think will be better for the industry.”

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FG explains reasons for fluctuation in petrol prices as marketers seek ‘cheaper’ fuel

The minister stated that price fluctuations are normal in a deregulated market and that the price of crude oil influences global product prices.

The minister said,

“Nobody in a deregulated market can tell you that, okay, prices will come down or will not come down. It is dictated by the international crude oil price. And Nigeria can’t be an exception at all.”

Marketers speak as fuel prices at various filling stations emerge

Legit.ng reported that the average price for Premium Motor Spirit (PMS), popularly known as petrol, ranges between N900 and N1,070 per litre at various filling stations nationwide.

There are now strong indications that the prices will not remain that way for a very long time amid a rise in global oil prices.

In July 2023, the federal government boldly decided to deregulate the downstream sector fully.

Source: Legit.ng