Fresh update emerges on fuel price increase

The Independent Petroleum Marketers Association of Nigeria, IPMAN, has opened up to Nigerians on alleged fuel increase.

Speaking on Thursday during a Channels Television interview, National Vice President Hammed Fashola, said there is no fuel pump increase.

According to him, the claim made in some sections of the media that IPMAN hinted at a fuel increase to N1,200 per litre was not from the Association.

IPMAN backed the National Nigerian Petroleum Company Limited’s appeal for Nigerians not to panic buy fuel Nationwide as the product is available.

“As far as IPMAN is concerned, there is no plan to increase fuel pump price increase. There is no basis for that for now; equally, there is no signal from NNPCL on fuel price increment. I want to use this opportunity to stop panic buying because there is nothing like a fuel price increase; it is just a rumour.

“The information on fuel increase to N1,200 per litre is not from IPMAN”, he stated.

He explained that NNPCL is the major importer of fuel into the country.

“IPMAN gets the product from NNPCL. As long as we get the product at the old price from NNPCL, the price will remain unchanged”.

Speaking on the Portharcourt and Dangote refinery, which is projected to come up in the first quarter of 2024, Fashola said it will bring about competition in the industry and push down prices in the long run.

“There will be a drastic price reduction when the two refineries come on board”, he said.

However, he appealed to increase the fuel allocation to IPMAN.

“However, we plead with NNPCL to increase the fuel allocation to independent marketers. The distribution matter of fuel products by NNPCL is faulty. What is going on is that most marketers are closing their businesses because they are not making profits. We appeal to the NNPCL to increase our allocation, probably if they give us two or three private depots to load from; it will be better if we can get the product directly from NNPCL. We are not getting fuel directly from NNPCL”, he noted.

Earlier, NNPCL refuted the claim of fuel price increase.

The company’s Chief Corporate Communications Officer, Olufemi Soneye, disclosed this in a statement on Wednesday through X handle.

“NNPC Ltd. urges Nigerians to disregard unfounded rumours and assures them that there are no plans for an upward review of the PMS price.

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

It was gathered that fuel supply was available and sold between N600 and 630 per litre across filling stations in the Federal Capital Territory.

In June last year, the federal government announced the removal of fuel subsidies. Consequently, the pump price of fuel jumped to over N600 per litre from N198.