No more N600, fuel price set to change again - Marketers advise Nigerians

The Independent Petroleum Marketers Association of Nigeria (IPMAN) has hinted that there will be changes in the pump price of fuel in the country.

Speaking to Legit.ng, the national president of IPMAN, Chinedu Okoronkwo, however, asked Nigerians not to panic.

You will recall that President Bola Tinubu, in his inaugural speech, announced that fuel subsidy is gone, opening the doors for market forces to determine pump prices.

Currently, a litre of petrol is sold for between N580 to N640 depending on the location in the country.

There are fears that it could increase to N1,000 as global crude oil prices edge closer to $90 per barrel.

Okoronkwo explained: "Nigerians are aware that there is no more subsidy, and we have gotten into a new season where the market fundamentals are the ones playing the major role.

"As long as the dollar keeps rising in the foreign exchange market, the price of fuel in the country will continue to skyrocket.

"It is, however, important to understand that the price will go up and down, there are no longer fixed prices it could be no more than N600 or less than N600."

He, however, failed to put a price range and disregarded speculations that petrol price could rise to N1,000 by December.

The IPMAN national president added:

"I cannot authenticate the exact amount the fuel price will reach, almost all commodities are on the rise in the country, petrol will not be different, and importers will need to make money to buy more again to sell.

"We must explore alternatives to address the fuel price surge. IPMAN members are adopting Compressed Natural Gas (CNG) as a potential solution, which we consider the most viable option."