The recent rise in fuel prices to $94 will not lead to higher prices of Premium Motor Spirit (PMS), also known as petrol.
The marketers recalled that changes in the international price of PMS following the removal of fuel subsidies in May affected domestic prices.
However, according to traders, the Nigerian National Petroleum Corporation Limited (NNPCL) has yet to announce a price increase.
They announced that crude oil prices and exchange rates were more than 80 percent of the petrol price.
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National president of the Independent Petroleum Marketers Association of Nigeria (IPMAM), Chinedu Okoronkwo stated that fears of possible fuel price hikes were just speculation, adding that the government would have stored the products that will serve December.
Managing Director of 11plc (formerly Mobil Oil Nigeria), Adetunji Oyebanji affirmed that current prices do not reflect the economy considering the price of refined crude oil and exchange rates.
Furthermore, he explained that the PMS subsidy was very low and that the issue should be adequately addressed as it affected the economy.
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