IPMAN, NNPCL Warn Against Panic Buying

The Independent Petroleum Marketers Association of Nigeria (IPMAN) and the Nigeria National Petroleum Company Limited (NNPCL) have warned Nigerians against panic-buying and dismissing reports of a planned hike in the pump price of petrol also called Premium Motor Spirit (PMS).

According to reports, fuel marketers clashed with the Nigerian National Petroleum Company Limited (NNPCL) over whether the government was still paying subsidy. The development triggered claims that the commodity will now cost N1,200 per litre due to the cessation of under-recovery of fuel costs.

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.

“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.”

Earlier, the NNPCL told Nigerians not to panic, assuring them that there is no increment in the price of the commodity.

The Nigerian National Petroleum Company (NNPC) Ltd. assures the public that there is no imminent increase in the cost of Premium Motor Spirit (PMS), 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,” 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.”

The NNPCL also refuted claims of a clash with IPMAN, insisting that subsidy has been entirely removed on petrol months after President Bola Tinubu pronounced the development.

Tinubu had in his May 29 inauguration said the 2023 budget made no provision for fuel subsidy and that it was no longer justifiable.

The declaration saw petrol per litre jumping from around N184 to over N600 in several parts of the country. The removal of fuel subsidy also came with attendant economic crises with food inflation moving to an all-time high.

The implementation of subsidy removal has been a subject of controversy with the World Bank saying that the NNPC was not transparent about the financial gains from it.

Oil marketers had also threatened to raise the price per litre of petrol over fluctuating and scarce foreign exchange used to secure the essential commodity.