By Obas Esiedesa, Abuja
The Independent Petroleum Marketers Association of Nigeria (IPMAN) has raised concerns over the recent increase in petroleum product import licences, warning that the development could worsen price instability, increase pressure on the naira and push petrol prices higher.
National Publicity Secretary of IPMAN, Chinedu Ukadike, who spoke on Sunday, said the association was worried that imported petrol was entering the market at prices above locally refined products, undermining efforts to stabilise the downstream sector.
His comments came amid fresh increases in petrol pump prices by some marketers following a rise in crude oil prices and adjustments in depot prices by Dangote Refinery and other suppliers.
Checks by Vanguard on Sunday showed that some retail outlets had adjusted their prices upward after an increase in depot costs. AYM Sharfa, which previously sold petrol at N1,191 per litre, raised its price to N1,220 per litre at the weekend.
