The Independent Petroleum Marketers Association of Nigeria (IPMAN) and the Petroleum Products Retail Outlets Owners Association of Nigeria (PETROAN) have attributed the latest increase in petrol prices to rising international oil market pressures and higher prices charged by petroleum product suppliers.
The development has seen petrol pump prices rise to between N1,310 and N1,345 per litre in Abuja and parts of the country, from the previous range of N1,210 to N1,275 per litre recorded less than two weeks ago.
The national presidents of IPMAN and PETROAN, Abubakar Maigandi and Billy Gillis-Harry, respectively, cited the escalating conflict between the United States and Iran as one of the factors contributing to the latest increase.
Maigandi said the ongoing conflict had significantly affected international oil market dynamics, contributing to the rise in the cost of petrol.
However, the IPMAN president also called on the Federal Government to intervene in the operations of the Dangote Refinery in a bid to bring down petrol prices and protect consumers from further increases.
Maigandi made the appeal in an interview with DAILY POST on Tuesday, amid the latest surge in pump prices across Abuja and neighbouring areas.
The fresh increase followed upward adjustments in gantry and ex-depot petrol prices by the Dangote Refinery and depot owners.
IPMAN urged the Federal Government to engage relevant stakeholders and explore measures that could moderate the cost of petrol at the retail level.
Meanwhile, PETROAN president Billy Gillis-Harry also identified supplier pricing as a key factor behind the latest increase, alongside the impact of developments in the global oil market.
The latest price hike has raised fresh concerns over the potential impact on transportation costs, businesses and household expenses, as Nigerians continue to grapple with high living costs.
