Yakubu Suleiman: Market Forces Now Determine The Prices Of Petrol

“Crude oil has reached $80 per barrel, and that is what prompted the hike in the price of fuel.”

Yakubu Suleiman, PRO of the Independent Petroleum Marketers Association of Nigeria, has assured Nigerians that with the inflow of importation from marketers, there will be a reduction in the prices of crude oil because of new import vessels on their way to Nigeria, which will, in turn, reduce the prices of petroleum products in the country.

In an interview with ARISE NEWS on Tuesday, while still speaking on the recent hike in prices of petrol in Nigeria, he said that because of the Russian-Ukraine war, we have to pray that sanity comes to that area as there is a hindrance in the black sea route for vessels as other routes are longer and incur more charges on them, which also adds to the increase in the price of fuel. He says once the transportation cost is removed, Nigerians should hopefully be able to buy fuel at a lower cost in a month or two.

In addition, Suleiman spoke on the importation of crude oil, saying NNPC is no longer the sole importer of petroleum products since deregulation and “Some marketers have applied for licenses to import petroleum products; those who fulfilled the criteria went ahead and brought their cargo.” He says the most important thing in all of this is supply, and at the moment the country has no problem with supply, but market forces are disturbing the prices.

The PRO of the Independent Petroleum Marketers Association of Nigeria says he prays that the government puts people with integrity and those that have the masses at heart in charge of the palliatives so we can see how this helps the poor people of Nigeria.

He rounded up by saying “The most important things Nigerians need at the moment are social services and amenities”. Giving Nigerians money per month is not encouraging; what the government should do or at least plan to do is provide social services like electricity, hospitals, schools, and road improvements along with other palliatives, but “8,000 naira per month at this critical time cannot be enough for poor Nigerians to survive.”

Catherine Amaga

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