The Public Relations Officer of the Independent Petroleum Marketers Association of Nigeria, Chinedu Ukadike, has attributed the recent increase in the prices of petroleum products to market deregulation.
Ukadike said this in an interview with newsmen Today in Abuja, while reacting to the hike in pump prices reported in several parts of the country.
This, according to him, is the nature of a deregulated market: prices rise and fall based on market forces and each marketer’s supply costs.
He noted that consumers should be used to this by now, as pump prices are determined by several factors, adding that key determinants include the price of crude oil, the exchange rate, and other operational costs.
