Following recent increase in crude oil price to $94 and fears that Premium Motor Spirit (PMS) might cost more, marketers have dismissed the apprehension, The Guardian reports.
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.
On his part, Managing Director, 11plc (formerly Mobil Oil Nigeria Plc), Adetunji Oyebanji, said given the price of crude, refined gasoline and exchange rate, the current prices are not reflective of the market.
Noting that subsidy is considerably lower, he added that the issue must be wisely tackled due to its impact on the economy.
