After the price of crude oil recently increased to $94 and there were concerns that Premium Motor Spirit (PMS) may cost more, marketers have debunked rumours of plans to further hike the pump price of fuel.
They claim that the Nigerian National Petroleum Company Limited (NNPCL) has not made any announcement in that regard.
The cost of crude oil and the exchange rate, according to marketers, account for more than 80% of the price of petrol.
In an interview with The Guardian Newspaper, Chinedu Okoronkwo, national president of the Independent Petroleum Marketers Association of Nigeria (IPMAN), characterised the worry as merely speculative and suggested that the government might have product on hand that might last until December.
Adetunji Oyebanji, Managing Director, 11plc on his part said given the price of crude, refined gasoline and exchange rate, the current prices are not reflective of the market
He noted that the matter has to be handled carefully since it has an effect on the economy, despite the fact that subsidies are far reduced now.
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