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ABUJA, Nigeria (NAN) - The Public Relations Officer of the Independent Petroleum Marketers Association of Nigeria, Chinedu Ukadike, has linked the recent rise in petroleum product prices to market deregulation.
Ukadike made this statement in an interview on Tuesday in Abuja, responding to reports of increased pump prices across various regions of the country.
“In a deregulated market, prices fluctuate based on market dynamics and the supply costs of each marketer. Consumers should be accustomed to this situation since pump prices are influenced by multiple factors,” he explained.
He highlighted that key factors influencing prices include crude oil rates, exchange rates, and other operational expenses.
It could be reported that the Nigerian National Petroleum Company Limited along with other marketers had increased the price of Premium Motor Spirit, commonly known as petrol, on Monday in Abuja and Lagos.
This price hike is reportedly tied to the surge in international crude oil costs. At NNPC retail stations in Abuja, the price rose by N50, from N895 to N945 per litre. Independent marketers adjusted their prices by between N45 and N60, varying by location and outlet.
Major stations such as A.Y.M. Shafa, AA Rano, and NIPCO offered PMS at a consistent price of N955 per litre. In related news, Mrs. Adana Chris, a business owner, voiced her frustration over the soaring prices since the removal of fuel subsidies.
"They keep raising fuel prices without considering the consequences for ordinary citizens. Each increase triggers a rise in food prices, yet wages remain unchanged. We are enduring this silently," she stated.
She urged the government to find a sustainable solution to the ongoing fuel price issues. Aminu Ibrahim, a taxi driver, also lamented the situation, noting that the constant increase in fuel prices was impacting his income.
"I'm operating at a loss. I purchase fuel at a high price and can't recoup it from my earnings. My family relies on me, and it's becoming increasingly difficult," he said.
He urged President Bola Tinubu to take swift action regarding the fuel crisis, stating, "It’s not easy for many of us anymore."
