IPMAN denies plan to increase fuel price

The Independent Petroleum Marketers Association of Nigeria (IPMAN) has denied reports that plans are ongoing to increase the pump price of petrol.

There were reports of a clash between fuel marketers and Nigerian National Petroleum Company Limited (NNPCL) over whether the government was still paying subsidy.

It was then reported that petrol 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 on Thursday, IPMAN’s spokesperson, 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.

“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.

Olanrewaju also appealed to the public to stop panic buying, that there is nothing like fuel price increment describing it as rumour.

The spokesperson’s comment came hours after the NNPC denied clashing with IPMAN.

It insisted that subsidy has been entirely removed on petrol months after President Bola Tinubu pronouncement its removal.

On May 29 during his inauguration, President Tinubu said the 2023 budget made no provision for fuel subsidy and that it was no longer justifiable.

The declaration saw petrol per litre shooting up from around N184 to over N600 in different parts of the country.