Real reason for latest fuel price increase in Nigeria – IPMAN, PETROAN

The Independent Petroleum Marketers Association of Nigeria, IPMAN and the Petroleum Products Retail Outlets Owners Association of Nigeria, PETROAN, person revealed the reasons for the latest substance terms hike successful Nigeria.

The nationalist presidents of IPMAN and PETROAN, Abubakar Maigandi and Billy Gillis-Harry, respectively, blamed the rising substance prices connected the escalating struggle betwixt the United States and Iran and the pricing of petroleum products by suppliers.

DAILY POST reports that substance pump prices person accrued to betwixt N1,310 and N1,345 per litre from betwixt N1,210 and N1,275 per litre successful little than 2 weeks.

Reacting, Maigandi said the ongoing struggle was the large crushed for the latest summation successful petrol prices.

Maigandi explained that fluctuations successful planetary lipid prices could origin petrol prices successful Nigeria to emergence oregon fall.

“The substance volition sometimes spell up and down owed to the struggle successful Iran and the United States,” helium told DAILY POST.

On his part, Gillis-Harry said the world was that the magnitude of petroleum products retailers bargain from suppliers has a nonstop interaction connected their prices.

He, however, blamed petroleum products suppliers for the latest substance terms hike.

“The world is that erstwhile we bargain petroleum products astatine a definite terms from the root of supply, it w...