The Independent Petroleum Marketers Association of Nigeria (IPMAN) and the Nigeria National Petroleum Company Limited (NNPCL) have jointly cautioned Nigerians against panic-buying in response to speculations about an imminent hike in the pump price of petrol, also known as Premium Motor Spirit (PMS).
Recent reports suggested a clash between fuel marketers and the NNPCL regarding the government’s subsidy payment status, leading to concerns that petrol prices could surge to N1,200 per litre due to the cessation of under-recovery of fuel costs.
IPMAN’s Public Relations Officer, Okanlawon Olanrewaju, addressed the issue on Channels Television’s Sunrise Daily, asserting, “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.”
Additionally, NNPCL spokesperson Olufemi Soneye reassured Nigerians, stating, “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. Motorists nationwide are advised against engaging in panic buying, as there is presently ample availability of PMS across the country.”
The NNPCL also debunked claims of a clash with IPMAN, emphasizing that fuel subsidy had been completely removed months ago, following President Bola Tinubu’s announcement. Tinubu, during his May 29 inauguration, revealed that the 2023 budget made no provision for fuel subsidy and deemed it no longer justifiable.
The removal of fuel subsidy resulted in a significant increase in petrol prices, causing economic challenges, including soaring food inflation. The controversy surrounding the transparency of financial gains from subsidy removal led to concerns, with the World Bank asserting that the NNPC lacked transparency in this regard.
Oil marketers, citing fluctuating and scarce foreign exchange used to secure petrol, had previously threatened to raise the per-litre price of the essential commodity.