Deregulation behind Fuel Price hike, says IPMAN

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The recent increase in petroleum product prices has been attributed to market deregulation, according to Chinedu Ukadike, Public Relations Officer of the Independent Petroleum Marketers Association of Nigeria. In an interview with the News Agency of Nigeria, Ukadike explained that the deregulated market allows prices to fluctuate based on market forces and individual marketers’ supply costs.

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“This is the nature of a deregulated market, prices rise and fall based on market forces and each marketer’s supply costs,” Ukadike said. “Consumers should be used to this by now, as pump prices are determined by several factors, including the price of crude oil, the exchange rate, and other operational costs.”

The Nigerian National Petroleum Company Limited and other marketers recently raised the pump price of Premium Motor Spirit (PMS) in Abuja and Lagos, citing a rise in international crude oil prices. At NNPC retail outlets in Abuja, the pump price increased by N50, from N895 to N945 per litre. Independent marketers also raised prices by between N45 and N60, depending on location and outlet.

However, consumers are feeling the pinch. “They keep increasing fuel prices without considering the impact on ordinary citizens,” said Adana Chris, a businesswoman. “Every increase leads to a rise in food prices, yet salaries remain the same. We are suffering in silence.”

Taxi driver Aminu Ibrahim also expressed frustration, stating that the continuous fuel price hikes are affecting his ability to earn a living. “I’m running at a loss. I buy fuel at a high cost and can’t recover it from my daily income. My family depends on me, and it’s been tough,” he said.

Both Chris and Ibrahim are calling on the government to implement a sustainable solution to the recurring fuel price challenges. “It is not easy for many of us anymore,” Ibrahim appealed to President Bola Tinubu.

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