Discordant tunes as NNPC, IPMAN disagree on fuel pump price

BREAKING: FG hikes fuel pump price to N212


The Independent Petroleum Marketers Association of Nigeria (IPMAN) and the Nigerian National Petroleum Corporation (NNPC) are pushing different narratives on the actual pump price of petrol as many motorists besieged fuel stations for the commodity.

While the NNPC assured Nigerians that there was no plan to increase the price of Premium Motor Spirit (PMS) otherwise called petrol in March, 2021, IPMAN, the umbrella body of independent oil marketers said that the crude oil price has gone up and it has affected the price of products.

Alhaji Suleiman Yakubu, the National Public Relations Officer of IPMAN, who disclosed this at the weekend said there is no way they could sell the products at the current price.

He however, assured Nigerians that normal supply of petroleum products would soon be restored since loading has commenced at various deports.

Meanwhile, the NNPC in a statement signed by its spokesman, Dr Kennie Obateru, said the Corporation was not contemplating any raise in the price of petrol in March in order not to jeopardize ongoing engagements with organized labour and other stakeholders on an acceptable framework that will not expose the ordinary Nigerian to any hardship.

“Contrary to speculations of imminent increase in the price of PMS in the country, the NNPC has ruled out any increment in the ex-depot price of petrol in March,” the statement reads.

NNPC also cautioned petroleum products marketers not to engage in arbitrary price increase or hoarding of petrol in order not to create artificial scarcity and unnecessary hardship for Nigerians.

It further called on relevant regulatory authorities to step up monitoring of the activities of marketers with a view to sanctioning those involved in products hoarding or arbitrary increase of pump price.

Investigation by National Daily has revealed that most marketers of the commodity have adjusted their pump price with some selling for as high as N170-172 per litre in Lagos.