The Independent Petroleum Marketers Association of Nigeria (IPMAN) stated on Thursday that its members had no plans to increase fuel prices.
Okanlawon Olanrewaju, IPMAN’s Public Relations Officer, emphasized in an interview with Channels Television that Nigerians should not engage in panic buying of petrol.
Earlier in the week, oil marketers had suggested that the subsidy on petrol might increase due to the devaluation of the naira against the United States dollar and the rising cost of crude oil.
Some mentioned a potential price of N1,200 per litre in a free market.
Despite reassurances from the Nigerian National Petroleum Company Limited (NNPC) on Wednesday dismissing the possibility of another fuel price hike, concerns among Nigerians persisted.
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IPMAN’s PRO assured the public that oil marketers could not unilaterally increase fuel prices unless directed by NNPC.
He emphasized that there was no signal from NNPC indicating a price increase and urged people to refrain from panic buying.
President Bola Tinubu had announced during his May 29 inauguration that the 2023 budget did not include a provision for fuel subsidy, deeming it no longer justifiable.
This declaration led to a substantial increase in petrol prices, with some areas experiencing prices jumping from around N184 to over N600 per litre.
The removal of fuel subsidy contributed to economic challenges, including a spike in inflation.
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