…By Dorcas Funmi for TDPel Media.
Nigeria Has Lowest Petrol Price in Africa Despite Recent Increase, Says IPMAN PRO
Yakubu Suleiman, the National Public Relations Officer of the Independent Petroleum Marketers Association of Nigeria (IPMAN), has asserted that despite the recent surge in petrol prices, Nigeria still maintains the lowest petrol cost among African countries.
In a discussion with ARISE TV regarding the recent hike in the price of Premium Motor Spirit (petrol), Suleiman emphasized the role of the dollar’s value in determining petrol prices.
He clarified that the increase in petrol prices is primarily influenced by the cost of the dollar, as petroleum products are imported into Nigeria using this currency.
The Nigerian National Petroleum Commission Limited (NNPCL) and other oil marketers recently raised the price of petrol from approximately N537/litre to a range of N617 to N630/litre.
This decision sparked widespread anger across the country.
Addressing the situation, Suleiman stated, “The rise in price was caused, as usual, by market forces.
The market now determines prices.
Secondly, it is due to the dollar.
You know that the higher the crude oil price, the higher the local product price will be.
So, when the crude oil price drops, the product price will also decrease.”
He further expressed that it is merely speculation to assume that marketers are pleased with the new price.
According to him, if any marketer claims to be content with the new price, they are attempting to deceive the public.
Suleiman explained that when petrol is imported to Nigeria from abroad, it arrives in the country at a cost of N565/litre.
He acknowledged the efforts made by marketers but emphasized the need for Nigerians to understand that further price increases are not desirable.
He called for unity and prayer to create a regime in which products become more affordable than they are presently.
Furthermore, he highlighted that compared to other African countries, Nigeria still maintains the lowest petrol price.
However, he emphasized that the aim is to prevent any further increase in prices.
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