The Independent Petroleum Marketers Association of Nigeria (IPMAN) and Association of Distributors and Transporters of Petroleum Products (ADITOP) have denied plans to increase petrol price to N700 per litre.

The Associations in an interview with the News Agency of Nigeria (NAN), in Abuja on Saturday, dismissed reports of the alledged increase of pump price as prediction and speculation.

It said fuel price was being driven by market forces and given by the current high exchange rate, the pump price of Premium Motor Spirit (PMS), otherwise called petrol could increase, hence the prediction.

NAN reports that the Naira on Friday dropped against the dollar, exchanging at N769.25 at the investors and exporters window.

price, marketers are just predicting. The importers are also very clever, they just want the government to intervene and consider them in giving lower price, exchange rate.

“As time goes on when the competition begins, the pump price of fuel will come down because it is only the market competition that will bring the price down.

He said due to the deregulation, the government must allow the market force on demand and supply to determine the price.

Dan-Zaki said that though government has allowed the marketers to import fuel by themselves, the exchange rate and the rate Naira struggles for value against dollar affect the market.

“The former official exchange rate by the Central Bank of Nigeria (CBN) is not realistic anymore.

“So if an importer is importing product, he has to buy at black-market rate and that will determine how much to be sold to marketers and other consumers.

“If he imports at N700 per dollar, there is no way a marketer will buy at N700 and still sell at same price,’’ the ADITOP president said.

He urged the Federal Government to ensure that the local refineries, including Dangote’s resumed operations soon to end importation and guard against fuel price hike in the country


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