Oil marketers Tuesday unilaterally raised the pump price of petrol from N165 per litre to N185 in disregard to the Federal Government approved pump price of N165 per litre.
The hike which came a day after Major Oil Marketers Association of Nigeria, MOMAN, said the current price was no longer realistic, this prompt the increase of fuel price.
Speaking on the development, the Public Relations Officer, Independent Petroleum Marketers Association of Nigeria, IPMAN, Chief Chinedu Ukadike said it was expected as marketers have to cover their cost of operation.
Ukadike explained that the marketers have been running at a loss these past months, pointing out that this is the cause of most stations closing down.