The Independent Petroleum Marketers Association of Nigeria (IPMAN) has addressed speculations about an alleged increase in fuel prices during a Channels Television interview.
National Vice President Hammed Fashola emphasized that IPMAN has no intention of raising fuel pump prices, debunking claims suggesting otherwise.
He also asserted that the rumored price of N1,200 per litre did not originate from the association.
Fashola backed the National Nigerian Petroleum Company Limited (NNPCL)’s assurance that there are no imminent plans for fuel price hikes and urged Nigerians not to engage in panic buying, assuring them of the product’s availability.
He clarified that IPMAN relies on NNPCL for fuel supplies and stated that as long as they procure fuel at the existing price from NNPCL, they will not alter their pricing.
Regarding the upcoming Portharcourt and Dangote refineries expected to commence operations in the first quarter of 2024, Fashola anticipated that their entry into the market would foster competition, potentially leading to lower prices in the future.
However, Fashola appealed to NNPCL to enhance fuel allocations to independent marketers, highlighting issues in the current distribution system that affect their profitability and operations.
In a separate statement, NNPCL reiterated that there are no plans to increase petrol prices, urging Nigerians to ignore baseless rumors and reassuring them of sufficient petrol availability nationwide.
Reports confirmed petrol availability in filling stations within the Federal Capital Territory, with prices ranging between N600 and 630 per litre.
