No plan to increase fuel price, marketers clarify

THE GUARDIAN

Following recent increase in crude oil price to $94 and fears that Premium Motor Spirit (PMS) might cost more, marketers have dismissed the apprehension.

According to them, there has been no announcement by the Nigerian National Petroleum Company Limited (NNPCL) in that respect.

Marketers had explained that the price of crude oil and exchange rate account for over 80 per cent of the cost of petrol.

National President of the Independent Petroleum Marketers Association of Nigeria (IPMAN), Chinedu Okoronkwo, in a chat with The Guardian, described the anxiety as mere speculation, adding that government may have stored product that could last till December.