The Independent Petroleum Marketers Association of Nigeria (IPMAN) and the Nigeria National Petroleum Company Limited (NNPCL) have cautioned Nigerians against panic-buying and have refuted reports of an impending hike in the pump price of petrol, also known as Premium Motor Spirit (PMS).
There were reported clashes between fuel marketers and the Nigerian National Petroleum Company Limited (NNPCL) regarding the government’s subsidy payment. This led to speculations that the petrol price might rise to N1,200 per litre due to the discontinuation of under-recovery of fuel costs.
However, IPMAN’s Public Relations Officer, Okanlawon Olanrewaju, clarified on Channels Television’s Sunrise Daily that there are no plans by fuel marketers to increase the fuel price. He urged the public to stop panic-buying, emphasizing that it’s just a rumor until NNPC signals otherwise.
The NNPCL reassured Nigerians that there is no immediate plan to raise the cost of Premium Motor Spirit. Its spokesman, Olufemi Soneye, urged people to dismiss unfounded rumors, emphasizing the abundant availability of PMS across the country. The NNPCL also denied any clash with IPMAN and reiterated that subsidy on petrol has been completely removed.