• Saturday, March 02, 2024
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BusinessDay

NNPC, IPMAN warn against panic buying, say no plans to hike fuel prices

The Nigeria National Petroleum Company (NNPC) Limited and the Independent Petroleum Marketers Association of Nigeria (IPMAN) have advised Nigerians against panic-buying of fuel.

They have also denied rumours suggesting an imminent increase in the pump price of Premium Motor Spirit (PMS), commonly known as petrol.

In a recent report, tensions have escalated between fuel marketers and the NNPC regarding ongoing government subsidy payments.

This conflict has raised concerns that the discontinuation of under-recovery of fuel costs might lead to a potential increase in the commodity price to N1,200 per litre.

However, Okanlawon Olanrewaju, the Public Relations Officer of IPMAN, clarified on Channels Television on Thursday that fuel marketers have no plans to raise fuel prices.

“As far as the independent marketers are concerned, we don’t have plans or plans to increase fuel pump price,” he said on Thursday.

“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 are going to increase pump price. On our own, there is nothing like that.

“I want to use this opportunity to appeal to the public to stop panic buying. There is nothing like that (fuel price increment). It is just a rumour,” he said.

In the same vein, Femi Soneye, the Chief Corporate Communications Officer of NNPC, in a statement released yesterday, the state-owned company reassured the public that there is no immediate plan to raise the cost of petrol.

“NNPC Ltd affirms to the public that there is no impending increase in the cost of Premium Motor Spirit, commonly known as petrol. NNPC Ltd urges Nigerians to dismiss baseless rumors and guarantees that there are no intentions for an upward revision of the PMS price.

“Motorists nationwide are cautioned against participating in panic buying, as there is currently an abundant supply of PMS across the country,” the statement stated.