The Independent Petroleum Marketers Association of Nigeria (IPMAN) and the Petroleum Products Retail Outlets Owners Association of Nigeria (PETROAN) have explained the reasons behind the latest increase in petrol prices across the country.
Petrol pump prices have risen to between ₦1,310 and ₦1,345 per litre, from the previous range of ₦1,210 to ₦1,275 per litre recorded less than two weeks earlier.
IPMAN National President, Abubakar Maigandi, attributed the latest increase largely to the ongoing conflict between the United States and Iran, which has contributed to volatility in global crude oil prices.
Maigandi explained that fluctuations in international oil prices could cause petrol prices in Nigeria to rise or fall, depending on developments in the global market.
“The fuel will sometimes go up and down due to the conflict in Iran and the United States,” he said.
However, PETROAN National President, Billy Gillis-Harry, blamed the latest increase on the prices at which petroleum products are being supplied to retailers.
According to him, filling stations cannot sell petrol below their acquisition cost, as marketers also have to cover financing, logistics, services and other operational expenses.
He said the price paid by retailers to suppliers directly determines the eventual pump price.
Gillis-Harry stressed that the latest increase was not caused by arbitrary price adjustments by retail outlets, insisting that marketers were simply reflecting their increased cost of purchasing the products.
The development comes amid heightened volatility in the international oil market, with global crude prices affected by geopolitical tensions.
The latest petrol price increase is expected to further raise transportation and operating costs for businesses and households already dealing with high living expenses.
Both IPMAN and PETROAN have called for measures that would reduce supply costs and ultimately bring down petrol prices for Nigerian consumers.
