Oil marketers have dismissed rumor of increment in fuel price in Nigeria.
The marketers explained that the price of crude oil and exchange rate account for over 80 per cent of the cost of petrol.
In an interview with journalists on Monday, the National President of the Independent Petroleum Marketers Association of Nigeria (IPMAN), Chinedu Okoronkwo, described the anxiety as mere speculation, adding that government may have stored product that could last till December.
On his part, Managing Director, 11plc (formerly Mobil Oil Nigeria Plc), Adetunji Oyebanji, said given the price of crude, refined gasoline and exchange rate, the current prices are not reflective of the market.
Noting that subsidy is considerably lower, he added that the issue must be wisely tackled due to its impact on the economy.
