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Oil Marketers Speak On Plan To Increase Fuel Price


Jan 4, 2024

The Independent Petroleum Marketers Association of Nigeria (IPMAN) has denied rumours of a likely plan to increase the pump price of petrol, also called Premium Motor Spirit (PMS).

ADULAWO News recall that a media report that fuel marketers stated that petrol will now cost N1,200 per litre due to the cessation of under-recovery of fuel costs had emerged.

But speaking on Channels Television’s Sunrise Daily, IPMAN’s Public Relations Officer, Okanlawon Olanrewaju, said there is no plan by fuel marketers to increase fuel price.
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Olanrewaju stated that there is no basis for the fuel price hike for now, adding that there is no signal from NNPC that the marketers should increase petrol price.

The IPMAN official also advised Nigerians against panic buying, stating that the rumour should be ignored.

According to him, “As far as the independent marketers are concerned, we don’t have plans or plans to increase fuel pump price.

“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.”
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His comment came hours after the NNPC dismissed having a clash with IPMAN, and refuted claim of any plan to increase the price of fuel.

The oil company also insisted that subsidy has been entirely removed on petrol months after President Bola Tinubu pronounced its removal.

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