MEMAN Discusses Petrol Price Fluctuations in Nigeria

The Major Energy Market Association of Nigeria (MEMAN) held a webinar on Tuesday where its chairman, Hubb Stokman, discussed the reasons for the rapid increase and gradual decrease of petrol prices in Nigeria. He noted that the market's response to sudden changes in global oil prices compels quick adjustments in pump prices, while declines are slower due to existing inventory purchased at higher costs.

Stokman explained that fuel prices tend to rise faster because businesses require sufficient working capital to purchase the next fuel supply. Joe Nwakwu, an energy expert, added that Nigeria's petrol prices are closely tied to international market dynamics, reflecting global crude oil benchmarks and foreign exchange fluctuations.

He emphasized that the country remains exposed to international oil price volatility, which directly impacts local prices. Stakeholders are calling for clearer policy measures to cushion the impact of fuel price fluctuations on consumers.