Oil Marketers Warn Of Possible Petrol Price Increase Over High Landing Cost

Oil marketers under the aegis of the Independent Petroleum Marketers Association of Nigeria (IPMAN) have warned that the price of petrol will increase from the current price of N165 per liter in order to address lingering fuel scarcity gaining momentum across major cities in the country.
National Controller Operations, IPMAN, Mr. Mike Osatuyi, maintains that members of the association had bought the products for N218 from a third party as the NNPC has refused to sell fuel to them, adding that the rising price of the landing cost of petrol is no longer sustainable to the marketers.
He however noted that Petrol is a political product in Nigeria as it doesn’t follow the dictates of economics.
Long queues were witnessed in many parts of Lagos, yesterday, with the situation apparently worse on Ikorodu road, Maryland, Ikeja, Anthony, and Bariga.