IPMAN’s President, Mr Chinedu Okoronkwo told the News Agency of Nigeria (NAN) on Wednesday in Lagos that the increment from the price band of N121.50 to N123.50 per litre was determined by market forces.
NAN reports that the Petroleum Products Pricing Regulatory Agency (PPPRA) had announced the increment in a circular dated July 1 to marketers.
“After a review of the prevailing market fundamentals in the month of June and considering marketers’ realistic operating costs, as much as practicable, we wish to advise a new PMS pump price band of N140.80-N143.80 per litre for the month of July 2020.
“All marketers are advised to operate within the indicative prices as advised by the PPPRA,” the agency had said.
However, Okoronkwo said there would be upward and downward review of the price of fuel since the market has been deregulated.
“What is happening is not unexpected because the Federal Government is no longer paying subsidy on petrol so the prices will change from time to time depending on what is happening in the international market.
” This will continue to happen until we are able to increase our domestic refining capacity which will make fuel cheaper in Nigeria.
“That is why IPMAN has been calling for support on establishment of more modular refineries in the country to take care of our domestic consumption,” he said. (NAN)