In a recent development, the Independent Petroleum Marketers Association of Nigeria (IPMAN) has issued a warning to Nigerians amidst speculations of an impending increase in the pump price of petrol, commonly known as Premium Motor Spirit (PMS).
The warning follows reported clashes between fuel marketers and the Nigerian National Petroleum Company Limited (NNPCL) regarding the government’s subsidy payments. Some reports suggest that petrol prices could surge to N1,200 per litre due to the discontinuation of under-recovery of fuel costs.
However, Okanlawon Olanrewaju, the Public Relations Officer of IPMAN, dispelled these rumors during an appearance on Channels Television’s Sunrise Daily. He emphasized that independent marketers have no plans to raise fuel prices unless directed by the NNPC.
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“As far as the independent marketers are concerned, we don’t have plans or plans to increase fuel pump price,” Olanrewaju stated. “There is no basis for that for now. There is no signal from NNPC that we should increase. So, we cannot do that on our own except NNPC comes out and says we are going to increase pump price. On our own, there is nothing like that.”
He took the opportunity to appeal to the public to refrain from panic buying, reassuring them that there is no imminent fuel price hike, labeling it as mere speculation.
This statement from IPMAN came hours after the NNPC refuted any clash with the association, maintaining that the subsidy on petrol had been completely removed months ago, following President Bola Tinubu’s declaration. Tinubu, in his May 29 inauguration, announced the removal of the subsidy, citing its absence in the 2023 budget and deeming it unjustifiable.
The removal of the subsidy led to a significant spike in petrol prices, soaring from around N184 to over N600 in various parts of the country. The subsequent economic challenges included a surge in food inflation to an unprecedented high.
Additionally, oil marketers had threatened to increase the price of petrol per litre due to fluctuating and scarce foreign exchange used to secure this essential commodity. Despite the subsidy removal, the implementation has stirred controversy, with the World Bank criticizing the lack of transparency from the NNPC regarding the financial gains.
