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The Independent Petroleum Marketers Association of Nigeria (IPMAN) has denied rumours of a nationwide increase in petrol prices.
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Bashir Salisu Tahir, Chairman of IPMAN’s Northwest Chapter, stated that petrol prices are determined by the market.
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Tahir attributed the recent rise in diesel prices to market dynamics.
The Independent Petroleum Marketers Association of Nigeria (IPMAN) has refuted claims of an impending increase in petrol prices nationwide.
In an interview with the Voice of America, Bashir Salisu Tahir, Chairman of IPMAN’s Northwest Chapter, dismissed the rumours, stating, “The market now determines prices, and there is no truth to the rumours of an increase in petrol prices.”
Tahir explained that the recent rise in diesel prices was due to market dynamics, but expressed optimism that prices will fall when market conditions improve.
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“While diesel prices have risen recently due to market dynamics, they will naturally fall when market conditions improve,” he said.
The IPMAN chairman also highlighted the resumption of operations at the nation’s refineries, which is expected to contribute to a reduction in fuel prices.
With local refineries now operational, Tahir expressed confidence that petrol prices will stabilize and decrease, bringing relief to consumers.
Dangote Refinery’s Petrol Production Impacts European Market – OPEC
The Organisation of the Petroleum Exporting Countries (OPEC) has reported that the Dangote Petroleum Refinery’s efforts to ramp up petrol production are impacting the European petrol market.
According to OPEC, the refinery’s petrol exports to the international market will likely weigh further on the European gasoline market.
