The National President of the Independent Petroleum Association of Nigeria (IPMAN), Elder Chinedu Okoronkwo has confirmed that fuel prices will fluctuate in line with market forces.
In a conversation with the Daily Post, Okoronkwo explained, “That is the regime we are in with removing fuel subsidies. The prices will continue to fluctuate based on market forces and the changes in Dollar in the foreign exchange market. That is why we are pushing for an alternative to fuel.”
This development surfaces amid rumours of a potential increase in fuel pump prices across the country.
Notably, since President Bola Ahmed Tinubu’s government lifted the fuel subsidy in June, fuel prices have skyrocketed from N190/per litre to over N500/per litre.
Naija News had earlier reported that the NNPC filling station in Abuja had upped its fuel price from N539 to N617 per litre.
NNPC filling stations in Abuja witnessed brief queues, particularly the one located along Murtala Mohammed Express road, Kado remained shut for some few hours as the petrol attendants adjusted their fuel pumps to reflect the new price of 617 naira.
Also NNPCL filling stations in Ushafa and one of its mega stations at Durumi, in the Federal Capital Territory, increased pump price.