Fuel Hike: “There might be further increase” – Marketers tell Nigerian

The Independent Petroleum Marketers Association of Nigeria (IPMAN) has asked Nigerians for prayers against a further increment amidst the current hike in fuel prices.

The National Publicity Secretary of IPMAN, Yakubu Suleiman, noted that if the price of crude oil in the international market continues to rise, the local price will continue to increase.

According to him, the landing cost of petrol in Nigeria stood at N565 per litre.

He stated that oil marketers arrived at N617 per litre after adding other costs.

“As of today, the landing cost of petrol into Nigeria is N565 per litre.

“Let’s pray that prices do not go up the way it is today. If crude prices go up, the local prices will go up. We are praying that the rising crude oil price will not continue”, he said.

Earlier, the Group Chief Executive Officer of the Nigerian National Petroleum Corporation Limited, NNPCL, Mele Kyari, had blamed market forces for the price of petrol.

It would be recalled  that the National Assembly had approved the N500 billion fund request by President Bola Ahmed Tinubu’s administration to cushion the effect of fuel subsidy removal on the masses.

Details of the N500 billion funds showed that N8,000 will be distributed to 12 million households.

But, the development was greeted with controversies.

In response to groans by Nigerians, Tinubu ordered for review of the proposed N8,000 palliatives to 12 million households.