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The Independent Petroleum Marketers Association of Nigeria (IPMAN) and the Petroleum Products Retail Outlets Owners Association of Nigeria (PETROAN) have attributed the recent increase in petrol prices to global market developments and the cost of products supplied to marketers.
The associations said the ongoing geopolitical tensions involving the United States and Iran, as well as higher depot prices, were responsible for the latest adjustment in pump prices across the country.
Petrol prices have risen from between N1,210 and N1,275 per litre to N1,310 and N1,345 per litre in less than two weeks.
Speaking on the development, IPMAN National President, Abubakar Maigandi, said fluctuations in international crude oil prices triggered by the conflict between the United States and Iran have continued to influence the cost of petroleum products.
According to him, changes in the global oil market can lead to either increases or reductions in petrol prices in Nigeria.
PETROAN National President, Billy Gillis-Harry, blamed the latest hike on the prices charged by suppliers, insisting that retail marketers merely pass on the cost of products they purchase.
He explained that filling station operators cannot sell below their purchase price because they must also cover transportation, financing, operational and other overhead costs.
Gillis-Harry stressed that retailers do not arbitrarily fix petrol prices but are compelled to reflect prevailing supply costs in their pump prices.
He maintained that the current increase did not originate from retail outlet owners but from the cost at which petroleum products are supplied to them.
The industry leaders said petrol prices will continue to respond to prevailing global market conditions and domestic supply costs under the country's deregulated downstream petroleum sector.
