The Chairman of the Independent Petroleum Marketers Association of Nigeria (IPMAN), Benin depot, Mr Douglas Iyike has expressed that an increment in the ex-depot cost of petroleum is the driving force behind the recent rise in the pump price of fuel.
Mr Iyike made this disclosure while reacting to a directive issued by the Nigeria Union of Petroleum and Natural Gas (NUPENG) workers which that the increment in petrol price should be reversed.
Iyike stated that NUPENG should address its threat to the increment in the ex-depot price of petrol rather than directing their threats at marketers.
The Chairman, asserted that on no account should the increment be blamed on oil marketers as they can only sell based on the price the product was procured at the depot.
It would be recalled that over the last two weeks, many fuel stations in Nigeria have increased the pump price of petrol above the official N165 per litre.
