The Independent Petroleum Marketers Association of Nigeria (IPMAN) has dismissed widespread rumors of a potential nationwide increase in petrol prices, assuring the public that there is no such plan in place.
This clarification comes amidst growing concerns following a rise in the global price of crude oil, with Brent crude exceeding $80 per barrel, as well as a recent hike in petrol loading costs at private depots to N950 per litre.
In an interview with the Voice of America, Bashir Salisu Tahir, Chairman of IPMAN’s Northwest Chapter, categorically refuted claims of any price increase. He stressed that IPMAN members have not adjusted petrol prices and emphasized that the market, now fully deregulated, determines price fluctuations.
“The rumors about an increase in petrol prices are unfounded. Diesel prices have recently risen due to market dynamics, but they will eventually stabilize as conditions improve,” Tahir explained. He also noted that the resumption of operations at local refineries will contribute to price stability and even reductions in the near future.
Similarly, Heineken Lokpobiri, Minister of State for Petroleum Resources (Oil), reiterated that deregulation has shifted the responsibility of determining petrol prices from the government to market forces. Speaking at the inaugural meeting of the Petroleum Industry Stakeholders Forum in Abuja, Lokpobiri explained that global oil prices will continue to influence petrol costs in Nigeria.
“The essence of deregulation is for prices to adjust naturally to market realities. Previously, petrol subsidies caused inefficiencies and malpractices in the system. With deregulation, the government focuses on quality control, availability, and ensuring consumers get the correct quantity at filling stations,” Lokpobiri stated.
He added that competition among retailers now gives consumers choices, which has eliminated long queues at filling stations. Lokpobiri noted, “During the Christmas season, petrol prices varied slightly across filling stations, with some selling at N1,020 and others at N999. This reflects market competition, not regulatory imposition.”
As stakeholders continue to monitor market dynamics, the government and marketers have assured Nigerians of adequate petrol supply and emphasized their commitment to maintaining quality and fairness in the sector.
Hmm,they shouldn’t increase it o
They should the price of petroleum that is cost too
Haaaa
Make them no increase am again oo
They should not even think of it at all
Hmmmm
May God help us
Something they should bring down.