In the wake of the unprecedented rise in pump price of fuel, the Independent Petroleum Marketers Association of Nigeria, IPMAN, has appealed to Nigeria’s president, Bola Tinubu to declare a state of emergency on the country’s refineries.
Joseph Obele, the IPMAN chairman in Rivers State, made this call in response to the unprecedented increase in the price of Premium Motor Spirit.
Tuesday saw a sharp increase in the price of petrol at the pump, reaching N612 a litre.
Obele, however, said that the ex-depot price went from N487.7 per litre to N567.7 per litre.
“It is true, that on Tuesday 18th July. We saw a new buying rate on the NNPC Portal.The previous buying rate was N487.7 per litre. The new buying rate going forward is N567.7 per litre,” statement by Obele read.
“The new selling rate ranges from N600, N610, N620 and above. It is going to bring hardship to the citizens and marketers will need to source for additional trading capital in order to remain in the business. Our solution is fixing Nigeria’s refineries. Mr President should declare a state of emergency on Nigeria refineries,” it added.
His comment comes just as Nigerians continue to feel the impact of the harsh economic condition occasioned by the incessant hike in the pump price of fuel.
Experts have tied the continued increase to the country’s heavy dependence on fuel importation.
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