The Petroleum Products Retail Outlet Owners Association of Nigeria, PETROAN, in Rivers State, has attributed the recent increase in petrol prices to market forces and fluctuations in the international crude oil market.
Speaking with TODAY FM Correspondent, Eseose Onabu, the Vice Chairman of PETROAN in Rivers State, Addison Kanu, said the Dangote Refinery currently determines petrol prices based on international crude oil prices, rather than arbitrary adjustments by marketers.
Kanu, reacting to reports of petrol selling for 1,500 naira per litre in some parts of Rivers State, said the price is obtainable in parts of the North, while the highest price observed in Rivers State is 1,400 naira. He added that most filling stations sell between 1,380 and 1,390 naira per litre.
He further said neither the Federal Government nor the Nigerian Midstream and Downstream Petroleum Regulatory Authority should be blamed for the increase, noting that PETROAN lacks the capacity to force prices down.
Kanu explained that petrol prices are influenced by fluctuations in the international crude oil market, adding that any decline in global crude prices would eventually be reflected by the Dangote Refinery and other depots.
