Following the increase in the price of the premium motor spirit, called petrol, the Independent Petroleum Marketers Association of Nigeria, IPMAN, has reportedly blamed increment in the ex-depot cost of petroleum as being responsible for the hike.
This is coming following the increase in the price of fuel, especially in some parts of Lagos, Ogun and Bayelsa, where the price of a litre of petrol went as high as N200 to N300 per litre, from N165 per litre.
Mr Douglas Iyike, the IPMAN chairman, Benin Depot, reportedly stated, “We have read in newspapers the supposed 24-hour notice issued to marketers regarding the increment in the pump price of petrol.”
He noted, “We want to place it on record that the increment is not due to any fault of oil marketers because we can only sell based on the price at which we buy petrol from the depots.”
He added, “There has been an increment in the ex-depot price which has left marketers with no option but to increase the pump price of petrol above the official N165 per litre in recent weeks.”