Lagos, Nigeria – Fear of soaring fuel prices gripped Nigerians this week after rumours of a N1,200-per-litre pump price for petrol, also known as Premium Motor Spirit (PMS), went viral. However, both the Independent Petroleum Marketers Association of Nigeria (IPMAN) and the Nigerian National Petroleum Company Limited (NNPC) have swiftly come out to dispel these speculations, urging the public to stay calm and avoid panic buying.
Clash of Words Fuels Rumours
Reports of a disagreement between fuel marketers and the NNPC, allegedly over the continuation of fuel subsidies, sparked the price hike chatter. The rumoured discontinuation of subsidy payments was said to be the reason behind the proposed N1,200 price tag.
No Price Hike Planned, Marketers Reassure
IPMAN Public Relations Officer, Okanlawon Olanrewaju, took to Channels Television’s Sunrise Daily to categorically deny any plans for a fuel price increase. He emphasized that neither IPMAN nor NNPC has issued any signal suggesting a price hike.
“As far as the independent marketers are concerned, we don’t have plans or intentions to increase the fuel pump price,” he declared. “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’re going to increase the pump price. On our own, there is nothing like that.”
He further urged Nigerians to refrain from panic buying, assuring them that the rumours are unfounded.
NNPC Echoes Marketers’ Message
Reinforcing this message, NNPC spokesperson Olufemi Soneye also issued a statement assuring the public of no imminent fuel price increase. He urged Nigerians to disregard the “unfounded rumours” and affirmed that there are no plans for a pump price review.
“Motorists nationwide are advised against engaging in panic buying, as there is presently ample availability of PMS across the country,” the statement elaborated.
Furthermore, NNPC refuted claims of any clash with IPMAN, reiterating that fuel subsidies were completely removed months ago following President Bola Tinubu’s announcement.
A Cautionary Note
While both IPMAN and NNPC have dispelled the rumours, it is crucial to remember that fuel prices can fluctuate due to various economic factors. However, as of today, there is no official indication of an imminent price hike. Nigerians are advised to stay informed by relying on verified sources of information and avoid succumbing to panic buying based on unconfirmed reports.
