Petroleum Marketers in Nigeria have denied claims that the recent increase in crude oil price to $94 could lead to increase in the pump price of Premium Motor Spirit (PMS).

According to them, there has been no announcement by the Nigerian National Petroleum Company Limited (NNPCL) in that respect.

The price of crude oil and exchange rate account for over 80 per cent of the cost of petrol.

National President of the Independent Petroleum Marketers Association of Nigeria (IPMAN), Chinedu Okoronkwo, in a chat with news men, described the anxiety as mere speculation, adding that government may have stored product that could last till December. He said despite the price of crude, refined gasoline and exchange rate, the current prices are not reflective of the market.

He added that the issue must be wisely tackled due to its impact on the economy and his association were working hand in hand with the authorities to ensure the prices remained stable.