Oil marketers in Nigeria, represented by the Independent Petroleum Marketers Association of Nigeria (IPMAN), reassured the public on Monday that there are no plans to increase the pump price of Premium Motor Spirit (PMS), commonly known as petrol.
They emphasized the Nigerian National Petroleum Company Limited’s (NNPCL) capability to manage under-recovery in fuel prices due to its involvement in crude oil sales.
Join our WhatsApp ChannelChief Ukadike Chinedu, the National Public Relations Officer of IPMAN, stated: “We were merely sharing our opinion… to quicken the rehabilitation of the nation’s four refineries to lessen the pressure on the importation of petroleum products into the country.”
He further explained that despite the full deregulation of the product, NNPC remains the sole importer of PMS, leveraging its capacity to handle under-recovery from crude oil sales, an advantage not accessible to other downstream sector operators.
IPMAN urged the public to refrain from panic buying, assuring that NNPC is equipped to manage PMS pricing and maintain an adequate supply in the system, aligning with the government’s agenda for stability.
The reassurance comes amid concerns about potential price hikes following statements suggesting the actual cost of petrol should be around N1,200/litre without subsidy.
However, NNPC has reiterated the absence of subsidy on petrol and its commitment to recovering full importation costs.
Emmanuel Ochayi is a journalist. He is a graduate of the University of Lagos, School of first choice and the nations pride. Emmanuel is keen on exploring writing angles in different areas, including Business, climate change, politics, Education, and others.
