“N1000 per Litre?” Marketers Speak on Fuel Price Increase, Ask Nigerians Not to Panic

“N1000 per Litre?” Marketers Speak on Fuel Price Increase, Ask Nigerians Not to Panic

  • Nigerians will have to prepare for another price increase in the coming days if the situation of the naira doesn't improve and global crude prices continue to rise
  • However, the message from the Independent Petroleum Marketers Association of Nigeria (IPMAN) to Nigerians is not to panic
  • The President of IPMAN spoke to Legit.ng, detailing what Nigerians should expect, as many fear that a litre of petrol could hit N1000

The Independent Petroleum Marketers Association of Nigeria (IPMAN) has hinted that there will be changes in the pump price of fuel in the country.

Speaking to Legit.ng, the national president of IPMAN, Chinedu Okoronkwo, however, asked Nigerians not to panic.

Petrol prices in Nigeria
Petrol price is set to increase in the coming days Photo credit: Pius Utomi Ekpei
Source: Getty Images

Petrol prices

You will recall that President Bola Tinubu, in his inaugural speech, announced that fuel subsidy is gone, opening the doors for market forces to determine pump prices.

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Currently, a litre of petrol is sold for between N580 to N640 depending on the location in the country.

There are fears that it could increase to N1,000 as global crude oil prices edge closer to $90 per barrel.

IPMAN speaks on fuel price

Okoronkwo explained:

"Nigerians are aware that there is no more subsidy, and we have gotten into a new season where the market fundamentals are the ones playing the major role.
"As long as the dollar keeps rising in the foreign exchange market, the price of fuel in the country will continue to skyrocket.
"It is, however, important to understand that the price will go up and down, there are no longer fixed prices it could be more than N600 or less than N600."

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He, however, failed to put a price range and disregarded speculations that petrol price could rise to N1,000 by December.

The IPMAN national president added:

"I cannot give the exact amount the fuel price will reach, almost all commodities are on the rise in the country, petrol will not be different, and importers will need to make money to buy more again to sell.
"We must explore alternatives to address the fuel price surge. IPMAN members are adopting Compressed Natural Gas (CNG) as a potential solution, which we consider the most viable option."

Good, bad news for Nigeria as global crude oil prices rise to highest level in 2023

Meanwhile, in another report, Legit.ng revealed that global crude oil is now nearing $90 per barrel and is trading at the highest since 2023.

While this increase should be good news for an oil-producing country like Nigeria, it is not good news for its citizens.

Not only is Nigeria still struggling to meet its production quota, but the removal of the fuel subsidy and lack of working refineries foretell an increase in petrol pump prices.

Source: Legit.ng

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