Zarama Mustapha, Deputy President of IPMAN, has said that the fuel price in Nigeria cannot be lower than N500 per litre. He explained that this is because the NNPC has a monopoly on fuel imports.
Mustapha stated that when other companies are allowed to import fuel, competitive prices can be introduced.
Currently, fuel is sold to marketers at N460 per litre, but transportation costs and profit margins increase the pump price to N500 per litre.
Mustapha hopes that with time, other players will be allowed to import fuel and compete with the NNPC.