IPMAN denies plan to increase fuel prices

IPMAN denies plan to increase fuel prices


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

There were reports of clashes between fuel distributors and the Nigerian National Petroleum Corporation (NNPCL) over whether subsidies were being paid by the government.

Thereafter, the price of petrol was reported to be N1,200 per liter as under-recovery of fuel costs was stopped.

However, IPMAN spokesperson Mr Okanlawon Olanrewaju, speaking on Channels Television's Sunrise Daily on Thursday, said the fuel distributor had no plans to increase fuel prices.

“As far as independent marketers are concerned, we have no plans or plans to increase the price of our fuel pumps.

“Right now there is no basis for that. There is no signal from the NNPC that it should be increased. So unless the NNPC comes out and says they are going to increase the price of the pumps, we cannot do it on our own. We don't do that ourselves.

Olanrewaju also appealed to the public to desist from panic buying, saying that nothing is more talked about than a rise in fuel prices.

The spokesperson's comments came hours after the NNPC denied any conflict with IPMAN.

Several months after President Bola Tinubu announced the abolition of subsidies, he claimed that petrol subsidies had been completely abolished.

On May 29, during his inauguration, President Tinubu said there was no provision for fuel subsidies in the 2023 budget and that it could no longer be justified.

With this declaration, the price of a liter of petrol in various parts of the country jumped from about 184 Naira to more than 600 Naira.

Source: guardian.ng

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