IPMAN, the Independent Petroleum Marketers Association of Nigeria, has currently said Nigerians should brace up for another pump price hike. This warning was anticipated due to the global price of petrol that has risen to a landing Cost of N1,117 per litre as of Wednesday, according to the Major Energies Marketers Association of Nigeria (MEMAN).
IPMAN’s Secretary, Mohammed Shuaibu, also corroborated the figures and blamed the emerging spike in the price on actors of demand and supply in the global markets.
He noted that while the Nigerian National Petroleum Company Limited (NNPCL) and the Federal government may not be more forthcoming regarding the manner in which the money is being spent, the matter of fuel subsidies is public knowledge.
IPMAN said that the federal government lied by claiming that it has removed fuel subsidies while billions of naira are paid monthly as subsidies. However, this directly contradicts what the government has been saying. The association said fuel subsidy expenditure may hit N700 billion monthly.
