Official blames deregulation for fuel price hike

Mr Chinedu Ukadike, Public Relations Officer (PRO) of the Independent Petroleum Marketers Association of Nigeria (IPMAN), has attributed the recent increase in the price of petroleum products to market deregulation.

Ukadike said this in an interview with our correspondent on Tuesday 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.

Our correspondent reports that the Nigerian National Petroleum Company (NNPC) Limited and other marketers raised the pump price of Premium Motor Spirit (PMS), also known as petrol, on Monday in Abuja and Lagos.

The increase is reportedly linked to the rise in international crude oil prices.

At NNPC retail outlets in Abuja, the pump price jumped by N50, from N895 to N945 per litre.

Independent marketers also raised prices by between N45 and N60, depending on location and outlet.

Major stations such as A.Y.M. Shafa, AA Rano, and NIPCO sold PMS at a uniform price of N955 per litre.

Reacting to the development, Mrs Adana Chris, a businesswoman, expressed frustration over the rising costs since fuel subsidies were removed.

“They keep increasing fuel prices without considering the impact on ordinary citizens.

“Every increase leads to a rise in food prices, yet salaries remain the same. We are suffering in silence,” she said.

She called on the government to implement a sustainable solution to the recurring fuel price challenges.

Aminu Ibrahim, a taxi driver, also decried the situation, stating that the continuous fuel price hikes were affecting his ability to earn a living.

“I’m running at a loss. I buy fuel at high cost and can’t recover it from my daily income. My family depends on me, and it’s been tough,” he said.

He appealed to President Bola Tinubu to urgently intervene in the fuel crisis, saying, “It is not easy for many of us anymore.”