The Independent petroleum Marketers association of Nigeria, IPMAN has issued a cautionary statement to the Nigerian National Petroleum Company Limited (NNPCL), advising against any further increase in the price of petrol. Abubakar Maigadi, the National Vice-President of IPMAN, expressed concerns about market conditions, highlighting the drop in demand for the product. Maigadi urged NNPCL not to change the price, emphasizing that it would not be favorable.
However, Mike Osatuyi, the National Operations Controller of IPMAN, referred to the current petrol prices as transitional. He stated that prices could reach as high as N700 per liter in certain parts of the country, starting from two. Osatuyi explained that the petrol currently being sold is old stock ordered before the removal of subsidies. He also mentioned the challenges of importing petrol due to the need to source foreign exchange independently.
Osatuyi further justified the potential increase in prices, citing the exchange rate of N770 to a dollar and the crude oil price at $70 per barrel. He mentioned that based on their calculations, the price in Lagos could be around N610 per liter, while in more remote areas like Maiduguri, it could reach N700 per liter. Osatuyi invited anyone with a different perspective to challenge his analysis.
Edited by Damilola Adeleke.
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