Marketer releases latest information on fuel pump growth in Nigeria

Marketer releases latest information on fuel pump growth in Nigeria

The Independent Petroleum Marketers Association of Nigeria (IPMAN) has opened up to Nigerians about the fuel increase allegations.

National Vice President Hamed Fashola said in an interview on Channels TV monitored by DAILY POST on Thursday that there would be no increase in fuel pumps.

According to him, the claim in some sections of the media that IPMAN hinted at increasing the price of fuel to N1,200 per liter did not come from the association.

IPMAN has supported the National Nigerian Petroleum Company’s appeal to ensure that Nigerians do not panic as fuel is available across the country.

“As far as IPMAN is concerned, we have no plans to further increase fuel pump prices. There is no basis for that as of now. Similarly, there is no signal from NNPCL regarding an increase in fuel prices. Nothing beats an increase in fuel prices. So I would like to take this opportunity to stop panic buying. It's just a rumor.

“The information regarding fuel increase to N1,200 per liter has not come from IPMAN,” he said.

He explained that NNPCL is the main importer of fuel to the country.

“IPMAN is getting products from NNPCL. As long as we get products from NNPCL at the old price, the price will not change.”

Fashola said the Poserkote and Dangote refineries, scheduled to come online in the first quarter of 2024, will bring competition to the industry and drive down prices in the long run.

“If the two refineries join, prices will come down significantly,” he said.

However, he appealed for increased fuel allocation to IPMAN.

“However, we implore NNPCL to increase fuel allocation to independent distributors. The issue of distribution of fuel products by NNPCL is flawed. What is happening is that most of the marketing personnel We are appealing to NNPCL to increase their quota.Maybe NNPCL can provide us with two or three private warehouses to load. It would be better if we could get the product directly from NNPCL. We are not receiving fuel directly from NNPCL,” he said.

Earlier, NNPCL refuted claims of fuel price hike.

The company’s Chief Corporate Communications Officer, Mr. Olufemi Sonnye, disclosed this in a statement on Wednesday through his X handle.

“NNPC Ltd. urges Nigerians to ignore unsubstantiated rumors and assures them that there are no plans to upwardly review PMS prices.

“Motorists across the country are advised not to panic buy as PMS is fully available nationwide,” the statement said.

DAILY POST gathered that the fuel is available at gas stations in the Federal Capital Territory and is being sold for between N600 and N630 per liter.

The federal government announced in June last year that fuel subsidies would be abolished. As a result, the pump price of fuel has shot up from N198 to over 600 Naira per litre.


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