The Independent Petroleum Marketers Association of Nigeria (IPMAN) has dismissed claims of an impending increase in petrol prices nationwide.
While a litre of petrol currently sells for at least N950 in filling stations across the country, the international benchmark, Brent crude oil, rose to $81.76 per barrel on Wednesday, fuelling concerns about the potential impact on fuel prices nationwide.
Leading depot operators, including Sahara and Shellplux, have adjusted petrol prices to between N950 and N960 per litre, a noticeable rise from last week’s range of N907 to N912 per litre.
According to data released by the Major Energy Marketers Association of Nigeria (MEMAN) in December 2024, the landing cost of petrol stood at N887.51 per litre. However, experts predict that the recent rise in crude oil prices is likely to push the landing cost even higher in the coming days.
Speaking in an interview with Voice of America, IPMAN Chairman, Bashir Salisu Tahir, urged Nigerians to ignore reports of potential price increases in petrol.
Tahir assured the public that the operation of the refineries in Nigeria would contribute to a reduction in fuel prices since Nigeria no longer depends on imported fuel.
Emphasising that none of their members had increased the price of petrol across the country Tahir said, “The market now determines prices, and there is no truth to the rumours of an increase in petrol prices.”
While diesel prices have risen recently due to market dynamics, Tahir said: “They will naturally fall when market conditions improve.”