NMDPRA Explains Factors Behind Fuel Price Volatility
The Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) has identified several factors contributing to the volatility of fuel prices in Nigeria, including crude oil sourcing, single-source domestic refining, and logistics and transportation costs. Mr. George Ene-Ita, Head of Public Affairs at NMDPRA, explained in an interview that fuel prices have been completely deregulated, making them subject to market fluctuations.
He noted that the time lag between crude oil procurement and its arrival at refineries, along with transportation and marine taxes, also affects pricing. Currently, the pump price of fuel in the Federal Capital Territory (FCT) ranges between N1,299 and N1,350, following an increase in the ex-depot price by the Dangote Refinery.
The Independent Petroleum Marketers Association of Nigeria (IPMAN) has called on the Federal Government to intervene in crude oil pricing to help moderate fuel prices and alleviate consumer pressure.
Plus234Feed summary based on reporting from Punch Newspapers. Read the original report below.
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