- Like NNPC Limited Oil Marketers Say ‘No Plan To Increase Fuel Price’
- Warns Nigerians Against Panic Buying
The rumours of an impending scarcity and increase in the price of PREMIUM Motor Spirit (PMS) popularly called petrol has refused to go way with reactions trailing the development from different quarters.
The Matrix had earlier reported that oil marketers who were importing gasoline into Nigeria approximately four months ago have ceased doing so leaving the Nigerian National Petroleum Company (NNPC Limited) as the sole importer of PMS.
The oil marketers disclosed that they stopped importing because the NNPCL was hell-bent on forcing the marketers to sell at fixed pricing of N568 or N617, depending on the area, making it impossible for them to sell at market-driven prices.
“For more than four months now, no other importer has brought in the product except the NNPC Ltd,” one of the marketers, who got licensed to import petrol, told BusinessDay.
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The source explained that the current price of petrol had been sustained because the government was subsidising the commodity.
“It’s difficult to break even because the current landing cost is over N,1000; no marketer has brought in the product due to the reintroduction of subsidy,” the source stated.
This development had triggered fears and amxiety amongst Nigerians who have resorted to panic buying.
Reacting to this, the Independent Petroleum Marketers Association of Nigeria (IPMAN) one of the umbrella bodies of oil marketers in Nigeria has warned Nigerians against panic-buying and storing of petrol at home.
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Okanlawon Olanrewaju, the Public Relations Officer of IPMAN, while making an appearance on Channels Television programme on Thursday clarified 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.
“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.
Earlier, the NNPCL told Nigerians not to panic, assuring them that there is no increment in the price of the commodity.
READ ALSO: Uncertainty, Confusion Grow As Importers Reveal Why Petrol Importation Was Stopped
The Nigerian National Petroleum Company (NNPC) Ltd. assures the public that there is no imminent increase in the cost of Premium Motor Spirit (PMS), commonly known as petrol.
“NNPC Ltd. urges Nigerians to disregard unfounded rumours and assures them that there are no plans for an upward review of the PMS price,” its spokesman Olufemi Soneye said.
“Motorists nationwide are advised against engaging in panic buying, as there is presently ample availability of PMS across the country.”
The NNPCL also refuted claims of a clash with IPMAN, insisting that subsidy has been entirely removed on petrol months after President Bola Tinubu pronounced the development.
Tinubu had in his May 29 inauguration said the 2023 budget made no provision for fuel subsidy and that it was no longer justifiable.
The declaration saw petrol per litre jumping from around N184 to over N600 in several parts of the country. The removal of fuel subsidy also came with attendant economic crises with food inflation moving to an all-time high.
The implementation of subsidy removal has been a subject of controversy with the World Bank saying that the NNPC was not transparent about the financial gains from it.
Oil marketers had also threatened to raise the price per litre of petrol over fluctuating and scarce foreign exchange used to secure the essential commodity.
However, the outlook for crude oil refining in Nigeria looks set to turn the corner with Dangote and Port Harcourt plants gearing up for production of fuel in the country.
READ ALSO: NLC Warns FG Against Accepting World Bank’s N750/litre Fuel Proposal
For the umpteenth time, the country is trying to get its refineries working again in an attempt to wean itself off imported fuel.
Africa’s biggest oil exporter is dependent on imported refined petroleum products, despite several reported rehabilitation and turnaround maintenance.
Nigeria spent $23.3 billion last year on petroleum product imports and consumes around 33 million litres (8.7 million gallons) of petrol daily.
Dangote refinery, which has a capacity of 650,000 barrels per day (bpd), is nearing production.
Port Harcourt refinery owned by the federal government with a capacity 60,000 bpd, Edo Refinery and Petrochemical Company (ERPC), 6,000 bpd), and the Duport Midstream Company Limited facility (DMCL), 10,000 bpd, are also making headway.
