The Independent Petroleum Marketers Association of Nigeria (IPMAN) has addressed the recent uproar over alleged fuel price increases in the country. In an exclusive interview with Channels Television, IPMAN’s National Vice President, Hammed Fashola, debunked the rumors and assured Nigerians that there is no plan to hike fuel prices.
Fashola emphasized that the information circulating in some media outlets about a potential surge in fuel prices to N1,200 per litre did not originate from IPMAN. He urged citizens to refrain from panic buying, emphasizing that there is no imminent fuel price increase, terming it nothing more than a baseless rumor.
Furthermore, Fashola shed light on IPMAN’s association with the Nigerian National Petroleum Company Limited (NNPCL), stating that as long as they continue to receive fuel at the current price from NNPCL, there will be no adjustments in the pump price. He also expressed optimism about the impact of upcoming refineries in Portharcourt and Dangote, anticipating increased competition that could drive down fuel prices.
In addition to dispelling the price hike speculations, Fashola appealed to NNPCL to enhance the fuel allocation to independent marketers, citing flaws in the current distribution system that have led many marketers to close their businesses due to minimal profits.
Addressing the rumors, NNPCL’s Chief Corporate Communications Officer, Olufemi Soneye, reaffirmed that there are no plans to review the price of Premium Motor Spirit (PMS) upwards. Soneye urged motorists to disregard the unfounded rumors and assured them of abundant PMS availability nationwide, urging against panic buying.
Despite the uncertainties, fuel supply remains steady, with filling stations in the Federal Capital Territory selling fuel between N600 and N630 per litre. The recent surge in fuel prices followed the federal government’s decision to remove fuel subsidies last year, resulting in a significant spike from N198 to over N600 per litre.
The developments surrounding fuel prices in Nigeria continue to unfold, with IPMAN and NNPCL at the forefront of efforts to maintain stability while addressing the concerns of both marketers and consumers. As the nation navigates these challenges, the assurance of ample fuel availability and efforts to curb misinformation are pivotal in averting unnecessary disruptions within the industry and preserving consumer confidence.
