The Independent Petroleum Marketers Association of Nigeria (IPMAN) has distanced itself from marketers speculating an increase in the price of Premium Motor Spirit from N617 per litre to N720 in the coming days.
The Association’s President, Chinedu Okoronkwo, in a recent interview, affirmed that IPMAN could not be among those speculating N720 per litre.
He clarified that there is a difference between independent and major marketers.
His words:
“You can hear from Nigeria National Petroleum Corporation Limited (NNPCL) that they have no reason for now to put their price up.
We are really saddened by these speculators making things to be very hard. By the time you speculate, people begin to adjust prices and it affects the price of even garri, beans and everything. It is not giving us headway to go.”
Okonkwo maintained any further price increase would impact the well-being of Nigerians.
According to him, the NNPCL can supply its members and the rest of the market with products.
He said:
“This PMS is like any other product. The noise around it is getting unbearable, and I want to state here that we are not making any effort to increase the price. We are still getting our products majorly from NNPCL.
“These people (NNPCL) are the people that we look up to, and they have come out clearly to say they don’t intend to increase the price. I think this should go a long way to dousing every tension, that for now, there is nothing to worry about.
“I am believing that the NNPCL will do everything within its power to ensure IPMAN members get the product. We have not started importing, so the idea of triggering situations that should not be there is not from us.”
Politics Nigeria recalls that on Sunday, some marketers speculated that the fuel price would rise to N720 per litre.
They hinged their decision on the persistent depreciation of the naira to N950, the rise in the price of crude oil, and other foreign exchange-related issues.
The news, however, sparked a nationwide reaction leading to the NNPCL making a bold statement that it does not have immediate plans to increase fuel prices.
