The Public Relations Officer of the Independent Petroleum Marketers Association of Nigeria, IPMAN, Mr Chinedu Ukadike, has attributed the recent increase in the prices of petroleum products to market deregulation.
Ukadike said this in an interview with the Newsmen today in Abuja, while reacting to the hike in pump prices reported in several parts of the country.
“This is the nature of a deregulated market, prices rise and fall based on market forces and each marketer’s supply costs.
“Consumers should be used to this by now, as pump prices are determined by several factors,” he said.
He explained that key determinants included the price of crude oil, the exchange rate, and other operational costs.
Recall the Nigerian National Petroleum Company Limited and other marketers raised the pump price of Premium Motor Spirit, also known as petrol, on Monday in Abuja and Lagos.