PMS: NNPCL, IPMAN warn against panic buying

The Independent Petroleum Marketers Association of Nigeria (IPMAN) and the Nigeria National Petroleum Company Limited (NNPCL) have cautioned Nigerians against panic-buying of fuel and refuted rumours of an impending increase in the pump price of petrol, commonly known as Premium Motor Spirit (PMS).

According to a recent report, tensions have risen between fuel marketers and the Nigerian National Petroleum Company Limited (NNPCL) concerning ongoing government subsidy payments.

This conflict has given rise to concerns that the discontinuation of under-recovery of fuel costs might push the commodity’s price to N1,200 per litre.

However, Okanlawon Olanrewaju, the Public Relations Officer of IPMAN, stated on Channels Television on Thursday that fuel marketers have no intentions 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 addition, NNPCL’s Chief Corporate Communications Officer, Olufemi Soneye, said in an earlier statement on Wednesday that Nigerians should disregard rumours of a possible hike in petrol prices.

The oil firm further urged mtorists not to be involved in panic buying, as it stressed that the company had no pln to raise the cost of the product.

“NNPC Ltd assures the pblic that there is no imminent increase in the cost of Premium Motor Spirit, commonly known as petrol.“NNPC Ltd urges Nigerians to disregard unfounded rumours and assres them that there are no plans for an upward review of the PMS price.

“Motorists nationwide are advised against engaging in panc buying, as there is presently ample availability of PMS across the country,” the statement reads.

Concerns arose among Nigerians after oil marketers disclosed that the price of petrol could be approximately N1,200/litre without subsidies, taking into account global commodity costs.

Ongoing disputes over government subsidy payments have escalated tensions between fuel marketers and the Nigerian National Petroleum Company Limited (NNPCL).

The ongoing conflict has sparked worries that ending the subsidy on fuel costs could lead to a potential surge in the price of the commodity, possibly reaching N1,200 per litre.

However, the NNPCL insisted that there was no more subsidy on the product, stressing that it was now recovering its full cost on the importation of PMS into Nigeria. NNPCL is the sole importer of petrol into Nigeria.