The Independent Petroleum Marketers Association of Nigeria ,IPMAN, has dismissed reports insinuating an increase in petrol prices.
The report gained traction amid speculation of an increase in landing cost of the product.
But dismissing the claims in an interview with Voice of America IPMAN Chairman, Bashir Salisu Tahir said petroleum pump price are now determined by market forces since the country now has refineries.
Mr Tahir who assured the public that the operation of the refineries will contribute to a reduction in fuel prices, revealed that none of their members had increased the price of petrol across the country.
He said, “The market now determines prices, and there is no truth to the rumors of an increase in petrol prices. While diesel prices have risen recently due to market dynamics, they will naturally fall when market conditions improve.”
Petrol currently sells for at least N935 and N995 in filling stations across the country, with a high anticipation of a further price reduction.
