No Plans To Raise Fuel Prices: IPMAN and NNPCL Issue Advisories About Panic Purchasing

No Plans To Raise Fuel Prices: IPMAN and NNPCL Issue Advisories About Panic Purchasing

Nigerians have been cautioned by the Nigeria National Petroleum Company Limited (NNPCL) and the Independent Petroleum Marketers Association of Nigeria (IPMAN) not to panic purchase or discount rumours of an impending increase in the price of fuel at the pump, popularly known as Premium Motor Spirit (PMS).

Fuel traders and the Nigerian National Petroleum Company Limited (NNPCL) reportedly disagreed about whether the government was still providing subsidies. The development led to allegations that the commodity will now retail for N1,200 per litre as a result of the fuel cost under-recovery ceasing.

However, IPMAN’s Public Relations Officer, Okanlawon Olanrewaju, stated that petroleum marketers had no intention of raising fuel prices during an appearance on Channels Television’s Sunrise Daily.

“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.

No Plans To Raise Fuel Prices: IPMAN and NNPCL Issue Advisories About Panic Purchasing

“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.”

The NNPCL had earlier reassured Nigerians that there hasn’t been a rise in the commodity’s price and urged people not to fear.
The public is reassured by the Nigerian National Petroleum Company (NNPC) Ltd. that there won’t be any immediate increases to the price of Premium Motor Spirit (PMS), or fuel.

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“NNPC Ltd. urges Nigerians to disregard unfounded rumours and assures them that there are no plans for an upward review of the PMS price,” its spokesman Olufemi Soneye said.

“Motorists nationwide are advised against engaging in panic buying, as there is presently ample availability of PMS across the country.”

Additionally, the NNPCL denied reports of a confrontation with IPMAN, stating that months after President Bola Tinubu announced the development, the fuel subsidy had been completely eliminated.

During his inauguration on May 29, Tinubu declared that gasoline subsidies were no longer justified and that there was no provision for them in the 2023 budget.

In various regions of the nation, the price of gasoline per litre increased after the announcement from about N184 to almost N600. Along with the fuel subsidy elimination came accompanying economic issues, as food inflation reached an all-time high.

The World Bank claims that the NNPC was not upfront about the financial benefits of the subsidy reduction programme, which has sparked controversy.

In addition, oil marketers had promised to increase the cost per litre of gasoline due to the unstable foreign exchange that was needed to purchase the necessary good.


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