Petroleum products reacting to market forces — IPMAN Spokesman

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Petroleum products reacting to market forces — IPMAN Spokesman vanguardnews

National Public Relations Officer, for the Independent Petroleum Marketers Association of Nigeria, IPMAN, Alhaji Yakubu Suleiman has described the sudden increase in the pump price of premium motor spirit, PMS, and the scarcity that is creeping on Nigerians as a clear reaction to market forces which was beyond the control of both Major and Independent Marketers in the country.

“It is true that some of our members are now selling at one hundred and sixty-three naira which was a minimal increase of about one naira beyond the general price that was agreed upon during the last general increase, but you would observe that the minimal markup was due to the changes in some of the variables we considered before we arrived at the last pricing.

“When we said we supported the deregulation of the oil sector, that was our understanding and the current events are clear confirmation of the deregulation of the business. “If you consider the increase in prices over the last five years, you will see that all other considerations have been given some form of boost, but the only cost that has remained constant is the consideration for marketers.

 

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