The Nigerian National Petroleum Company Limited (NNPC) and the Independent Petroleum Marketers Association of Nigeria (IPMAN) have refuted recent reports suggesting a planned increase in petrol prices to N1,200. These reports circulated on various blogs and social media platforms, misinterpreting a newspaper article that explored the potential pump price if market forces determined petrol prices.
In response, the NNPC clarified that subsidy payments have been eliminated and emphasized that there is no intention to increase fuel prices. The Chief Corporate Communications Officer of the NNPC, Olufemi Soneye, urged Nigerians to dismiss the news as baseless rumors.
Furthermore, the NNPC reassured the public that there is no imminent rise in the cost of Premium Motor Spirit (PMS), commonly known as petrol. It urged motorists not to engage in panic buying, emphasizing the ample availability of PMS across the country.
The IPMAN National Chairman, Abubakar Maigandi, echoed the NNPC’s stance, stating that there is no information from the NNPC about any planned price increments. Maigandi clarified that the NNPC, as the sole importer of petroleum products, has not indicated any subsidy payments. He advised marketers to continue selling products at existing prices.
Maigandi emphasized that only the NNPC can determine the price of the product, and while the current situation with the NNPC as the sole importer may not be ideal, it is the current reality. He assured the public that there is no immediate price increase and that any scarcity experienced during the festive period will normalize soon.
Regarding the potential impact of operational refineries, Maigandi suggested that when the Port Harcourt and Dangote refineries commence operations, there might be a marginal reduction in pump prices. He mentioned IPMAN’s plans to establish two modular refineries in Lagos and Calabar, aiming for increased availability and potentially lower costs.
While unaware of specific government savings resulting from the subsidy removal, Maigandi highlighted IPMAN’s focus on business operations and expressed optimism about the availability of petroleum products in filling stations.