By Wilson Adekumola
The Independent Petroleum Marketers of Nigeria has dismissed the speculations that there will be hike in the pump price of Premium Motor Spirit otherwise known as petrol following recent increase in crude oil price to $94.
According to the Guardian, National President of IPMAN, Chinedu Okoronkwo, made this known while speaking with journalists, describing it the anxiety as mere speculation, adding that government may have stored product that could last till December.
The association said there has been no announcement by the Nigerian National Petroleum Company Limited in that respect.
Marketers had pointed out that the price of crude oil and exchange rate account for over 80 per cent of the cost of petrol.
On his part, Managing Director, 11plc, formerly Mobil Oil Nigeria Plc, Adetunji Oyebanji, explained that given the price of crude, refined gasoline and exchange rate, the current prices are not reflective of the market.
While stating that subsidy is considerably lower, Oyebanji further said that the issue must be wisely addressed due to its impact on the economy.
