No plan for fuel price increase, IPMAN backs NNPC


The Independent Petroleum Marketers Association of Nigeria (IPMAN) has said the rumours of a plan to increase the pump price of petrol are unfounded.

Spokesman of the association Okanlawon Olanrewaju stated this in an interview on Channels Television’s Sunrise Daily on Thursday.

A media report claimed that fuel marketers clashed with the Nigerian National Petroleum Company Limited (NNPC) over whether the government was still paying subsidies.

The development triggered claims that the commodity will now cost N1,200 per litre due to the cessation of under-recovery of fuel costs.

However, Olanrewaju maintained that there is no plan by fuel marketers to increase fuel price.

He said, “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.”

On Wednesday, the NNPC also told the public not to panic, assuring that there will be no increase in the price of the commodity.