It’ll be dramatic for marketers to believe petrol prices won’t increase

The Petroleum Product Retail Outlet Owners Association of Nigeria (PETROAN) has said the statement credited to the Nigerian National Petroleum Company Limited (NNPCL) that there is no plan to increase petrol prices despite the fall of the naira against the dollar is shocking.

It said it would be dramatic for marketers to believe the price of petrol will not increase following the harsh realities of the exchange rate.

Rivers State Chairman of PETROAN, Francis Dimkpa, in an interview, said PETROAN is watching and gradually following the policies of the government, with the belief that the refineries will become functional for the situation to stabilize.

He assured that the association’s members will continue to distribute petrol across the nation and at the best price despite the exchange rate.

“It is actually going to be dramatic for us to believe that the price of fuel will continue to be stable.

“Federal Government and NNPCL saying that the price of fuel will no longer go up or will no longer come down, we do not understand the meaning of that statement.

“Petroleum Product Retail Outlet Owners Association of Nigeria is watching closely at the effect of exchange rate at the price of fuel, and now that the price has been pushed to N600, we expect that the falling of the exchange rate, it might drop or the rising of the exchange rate, it might get higher,” he said.

Reacting to NNPCL’s statement about no plans to increase the price of fuel, in what appeared to be price fixing for other marketers, despite being a private limited company, Dimkpa stated that NNPCL remains the leader in the industry and can drive the price of petrol.

He added, “NNPCL may not be said to be fixing the price of fuel, but from our own point of view, NNPCL is like the leader in the industry, and so, NNPCL has what it takes to decide or drive the price of fuel.

“They are not fixing price, but they are driving and directing the price of fuel.”

PETROAN has repeatedly reiterated that the only solution to the crisis caused by the removal of fuel subsidy is for the four refineries in the country to start operation.