The assertion attributed to the Nigeria National Petroleum Company Limited (NNPCL) that there is no plan to increase gasoline prices despite the naira’s decline versus the dollar is alarming, according to the Petroleum Product Retail Outlet Owners Association of Nigeria (PETROAN).
It stated that given the harsh reality of the exchange rate, it would be foolish for marketers to think the price of gasoline won’t go up.
Francis Dimkpa, the chairman of PETROAN for the state of Rivers, stated in an interview with DAILY POST that PETROAN is keeping an eye on and progressively adopting the government’s policies with the hope that the refineries would start operating and the situation will settle.
Despite the exchange rate, he guaranteed that the association’s members will continue to supply gasoline across the country at the greatest price.
“It is actually going to be dramatic for us to believe that the price of fuel will continue to be stable.
“Federal Government and NNPCL saying that the price of fuel will no longer go up or will no longer come down, we do not understand the meaning of that statement.
“Petroleum Product Retail Outlet Owners Association of Nigeria is watching closely at the effect of exchange rate at the price of fuel, and now that the price has been pushed to N600, we expect that the falling of the exchange rate, it might drop or the rising of the exchange rate, it might get higher,” he said.
Reacting to NNPCL’s statement about no plans to increase the price of fuel, in what appeared to be price fixing for other marketers, despite being a private limited company, Dimkpa stated that NNPCL remains the leader in the industry and can drive the price of petrol.
He added,
“NNPCL may not be said to be fixing the price of fuel, but from our own point of view, NNPCL is like the leader in the industry, and so, NNPCL has what it takes to decide or drive the price of fuel.
“They are not fixing price, but they are driving and directing the price of fuel.”
PETROAN has repeatedly reiterated that the only solution to the crisis caused by the removal of fuel subsidy is for the four refineries in the country to start operation.