By Bada Abraham
Fears are mounting that there may be increases in the price of petroleum products, especially petrol, following the increase in crude oil prices.
The move is despite promises by the Nigerian government that there won’t be further increases in petrol prices due to Forex volatility and, more recently, increases in crude oil prices in the international market.
Oil marketers in Nigeria have also hinged petrol price increases to exchange rate fluctuations as uncertainties persist in the international market.
Chairman of the Independent Petroleum Marketers Association of Nigeria (IPMAN), Chinedu Okoronkwo, two weeks ago, revealed that the association is not considering further price increases.
He pointed at the recently procured $3 billion crude oil swap deal between the NNPC and AfreximBank as the palliative against petrol price increases.
“The money will go a long way to cushion the price of petrol in the market,” Okorokwo noted.
Leave a Reply