IPMAN, PETROAN Link Petrol Price Rise to Global Oil Market, Supply Costs
IPMAN and PETROAN say the latest increase in petrol prices is being driven by higher global oil prices, uncertainty linked to the United States-Iran conflict, and the cost at which retailers receive products from suppliers. Petrol reportedly rose from about ₦1,210–₦1,275 per litre to between ₦1,310 and ₦1,345 per litre in less than two weeks. IPMAN said changes in the global oil market directly affect pump prices in Nigeria. PETROAN said filling stations are not arbitrarily fixing prices. The association stated that retailers must cover their purchase costs, transportation, financing, logistics and other operating expenses, while adding only a small margin to stay in business.
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