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The recent hike in petrol prices has led to the resurgence of fuel queues at filling stations across Nigeria.
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The prices range from N1,050 to N1,150/litre.
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Oil marketers have stated that filling stations should not be blamed for the price hike.
The recent hike in petrol prices has led to the resurgence of fuel queues at filling stations across Nigeria, with prices ranging from N1,050 to N1,150/litre.
Oil marketers have stated that filling stations should not be blamed for the price hike, attributing it to the rise in crude oil prices in the international market.
The Petroleum Products Retail Outlets Owners Association of Nigeria (PETROAN) has also weighed in on the issue, recommending the privatisation of Nigerian-owned refineries and investment in infrastructure development to mitigate the impact of PMS pricing.
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PETROAN’s National President, Dr Billy Gillis-Harry, noted that the increase in crude oil prices would inevitably affect domestic costs.
“It’s no longer funny; even retail outlet owners are affected by this up-and-down movement of prices. It affects our business,” he said.
READ ALSO: Petrol Pump Price Surges To N1,150 After Dangote Hike
Gillis-Harry emphasized that PETROAN members cannot buy petrol at a higher price and sell it at a lower price.
“Our selling rate always reflects our buying rate. Our members shouldn’t be blamed for the current increase; it’s an external factor,” he added.
The association also called for strategic collaboration and investment in Nigeria’s petroleum sector, commending President Bola Tinubu’s decision to fully deregulate the industry.
IPMAN Debunks Rumours Of Nationwide Petrol Price Hike
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.”
