Petroleum Products Retail Outlets Owners Association of Nigeria (PETROAN) on Saturday, January 18, blamed the increase in price of fuel across the country on the rise in prices of crude oil in the international market.
PETROAN said the benchmark for oil prices, Brent crude oil are currently at $80.85 per barrel and WTU oil is priced at $81.72 per barrel at the OPEC basket.
The association also stated that the prices of oil rose to a four-month high since the introduction of fresh sanctions against Russian oil by the United States of America.
A statement signed by Billy Harry, PETROAN’s president said prices of fuel are usually determined by market forces.
According to Harry, section 205 of the Petroleum Industry Act (PIA) allows market forces to do so with NNPC and the government having nothing much to do.
“It’s no longer funny; even retail outlets owners are affected by this up-and-down dwindling of prices. It affects our business,” the statement said.
It added, “Our selling rate always reflects our buying rate. Our members shouldn’t be blamed for the current increase; it’s an external factor.”