The Independent Petroleum Marketers Association of Nigeria (IPMAN) and the Nigeria National Petroleum Company Limited (NNPCL) have issued a cautionary statement urging Nigerians to refrain from panic-buying fuel. Additionally, they have refuted speculations regarding an imminent increase in the pump price of petrol, commonly referred to as Premium Motor Spirit (PMS).
Recent reports highlight increased tensions between fuel marketers and the Nigerian National Petroleum Company Limited (NNPCL) regarding ongoing government subsidy payments. There are concerns that the cessation of under-recovery of fuel costs may potentially lead to a surge in the commodity’s price to N1,200 per litre.
However, Okanlawon Olanrewaju, the Public Relations Officer of IPMAN, clarified on Channels Television on Thursday that fuel marketers have no intentions of raising fuel prices.
He said “As far as the independent marketers are concerned, we don’t have plans or plans to increase fuel pump price,” he said on Thursday.
“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.
“I want to use this opportunity to appeal to the public to stop panic buying. There is nothing like that (fuel price increment). It is just a rumour,”
Olufemi Soneye, Chief Corporate Communications Officer of NNPCL, added in a statement on Wednesday, January 3, 2024, that rumors of a potential increase in petrol prices should be dismissed by Nigerians. The oil firm additionally appealed to motorists to refrain from engaging in panic buying, emphasizing that there are no plans to escalate the cost of the product.
NNPC Ltd assures the public that there is no imminent increase in the cost of Premium Motor Spirit, commonly known as petrol.
“NNPC Ltd urges Nigerians to disregard unfounded rumours and assures them that there are no plans for an upward review of the PMS price.
“Motorists nationwide are advised against engaging in panic buying, as there is presently ample availability of PMS across the country,” the statement reads.
Concerns arose among Nigerians after oil marketers disclosed that the price of petrol could be approximately N1,200/litre without subsidies, taking into account global commodity costs.
Ongoing disputes over government subsidy payments have escalated tensions between fuel marketers and the Nigerian National Petroleum Company Limited (NNPCL).
The ongoing conflict has sparked worries that ending the subsidy on fuel costs could lead to a potential surge in the price of the commodity, possibly reaching N1,200 per litre.
However, the NNPCL insisted that there was no more subsidy on the product, stressing that it was now recovering its full cost on the importation of PMS into Nigeria. NNPCL is the sole importer of petrol into Nigeria.
