A former Chairman of the Major Oil Marketers Association of Nigeria, MOMAN, Tunji Oyebanji has cautioned marketers to desist from speculating the pump price of petroleum before they are imported.
Oyetunji issued the warning on Friday in an interview with the News Agency of Nigeria, NAN, in Lagos.
His statement is coming on the heels of comments by the National Controller Operations, Independent Petroleum Marketers Association of Nigeria, IPMAN, Mike Osatuyi, that the pump price of petrol may soar up to N700 per litre.
Osatuyi had projected that prices could rise above N700 per litre in the North once independent marketers start importing the products in July.
However, while countering the claim, Oyebanji said no marketer could accurately speculate the fuel pump price until the importation of the product starts.
“Not until you order a cargo, and know the exchange rates before you can predict the price.
”Those projecting the price are just saying this on a sensational basis to get marketers excited.
”I do not think anybody needs to do that,” he said.
Oyebanji added that the price could also be reduced, depending on the exchange rate.
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