NIGERIA’s HIGH FUEL PRICE: It’s not about NNPC but market fundamentals — IPMAN

By Eyo Nsima

The national operations controller, Independent Marketers Association of Nigeria, IPMAN, Mike Osatuyi, said the high price of petrol in Nigeria does not have much to do with the NNPC Limited.

According to him, the high price of the product is a reflection of the market fundamentals; especially foreign exchange as more than N800 now goes for a dollar.

He said: “The market fundamentals, especially foreign exchange and the price of crude have changed significantly in the past few weeks. The low value of the Naira is currently impacting the market.”

As reported by The Daily, www.thedaily-ng.com, the NNPC Limited has raised the petrol price to N617 per litre from N537 in Abuja, Nigeria.

The company has not given reasons for the change in price, but operators are allowed to increase or reduce prices in the spirit of deregulation.

Checks in Abuja showed that other operators, especially the major and independent oil marketers hurriedly shut their stations to adjust their pump prices.

The checks also indicated that the high price has started to spread to other cities, including Lagos and environs.