N617/litre fuel price hike: Declare state of emergency – IPMAN tells Tinubu

The Independent Petroleum Marketers Association of Nigeria, IPMAN, has urged President Bola Tinubu to declare a state of emergence on the country’s refineries.

IPMAN Chairman in Rivers State, Dr Joseph Obele, made the call against the backdrop of the hike of the pump price of Premium Motor Spirit, PMS, also known as petrol.

The pump price of fuel on Tuesday skyrocketed to N612 per litre.

However, Obele said the ex-depot price increased from N487.7 per litre to N567.7 per litre.

A statement by Obele said: “It is true, that on Tuesday 18th July. We saw a new buying rate on the NNPC Portal.

“The previous buying rate was N487.7 per litre. The new buying rate going forward is N567.7 per litre.

“The new selling rate ranges from N600, N610, N620 and above.

“It is going to bring hardship to the citizens and marketers will need to source for additional trading capital in order to remain in the business.

“Our solution is fixing Nigeria’s refineries. Mr President should declare a state of emergency on Nigeria refineries.”