The prices of transportation increased on Tuesday as Federal Government-owned NNPC Limited jerked up its petrol pump price to N617 per litre across the country.
The National President of the Independent Petroleum Association of Nigeria (IPMAN), Elder Chinedu Okoronkwo, confirmed the development to newsmen in Abuja, stating that fuel prices will continue fluctuating depending on market forces.
It was gathered that the dwindling value of the Naira has put pressure on fuel importers, including the NNPC Limited as well as major and independent marketers.
Many motorists and others have rushed to buy petrol as the price hike begins to spread where some filling stations have adjusted their pumps to over N600 per litre.
Commenting on the development, the national operations controller, of the Independent Marketers Association of Nigeria, IPMAN, Mike Osatuyi, said: “It is not about the NNPC Limited. It is about the market fundamentals. Every marketer stands alone with its different cost elements. The low value of the Naira is currently impacting the market. It is now more than N800 to a dollar.
“This is why the market is responding this way. It has to spread because as operators, our price depends on our cost.
“Even though some importers have been able to import the product, it cannot be cheap because it is based on the current market fundamentals, especially foreign exchange. The public should also know that importers source their foreign exchange from the banks at the current rate. “
The president of IPMAN, Elder Chinedu Okoronkwo also commented, “That is the regime we are in with removing fuel subsidies. The prices will continue to fluctuate based on market forces and the changes in Dollar in the foreign exchange market. That is why we are pushing for an alternative to fuel.”
Some motorists said the policies of the current administration are becoming very harsh on the citizens.
One Uchenna Matthew said the current administration is leading Nigerians to hell.
”The whole rush here is because Mobil has not increased their price. I don’t know the kind of hardship these people are putting us through. They said NNPC has adjusted their price, we are buying here at 540, but they are about to adjust their price.
“We still have the grace to buy at 540; any moment from now it will be increased. This current administration is leading us to hell. Even the animals in the bush are feeling it. The earlier they discharged this government and install the original government that won the election, the better for us,” he said.
Also, a taxi driver, Mohammed Sani, said that Nigerians are suffering due to the increment.
”At NNPC, it is written 617 on their board. They are likely going to increase their price here at Mobil. The situation is very bad; the masses are suffering. The situation is very hard, it is not easy for a poor man to go out not to talk about eating food,” he lamented.
Recall that on the removal of fuel subsidy in June by President Bola Ahmed Tinubu’s government, the product had skyrocketed from N190/per litre to over N500/per litre.
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