NNPC: we have no plan to increase petrol prices

The Nigerian National Petroleum Company Limited (NNPC) and the Independent Petroleum Marketers Association of Nigeria (IPMAN) have vehemently denied recent reports suggesting a planned petrol price increase to N1,200. Several blogs and social media platforms misinterpreted a national newspaper report on potential pump prices if determined by market forces, falsely claiming collusion between the federal government and petroleum marketers to raise prices.

In response, the NNPC clarified that subsidies had been completely removed and emphatically stated that there were no plans for a fuel price increase. The Chief Corporate Communications Officer of the NNPC, Olufemi Soneye, urged Nigerians to dismiss these rumors as “unfounded.”

The NNPC assured the public that Premium Motor Spirit (PMS) prices would not experience an imminent hike. Motorists were advised against panic buying, as there is an ample supply of PMS across the country.

Addressing the issue on Arise Television, IPMAN National Chairman Abubakar Maigandi affirmed that there was no indication from the NNPC, the sole importer of the product, about a price hike. He stated that he was unaware of any subsidy being paid on the product and emphasized that if the NNPC, as the exclusive importer, asserted there was no subsidy, it should be believed.

Maigandi clarified that there were no plans to increase fuel prices, and he urged marketers to continue their usual operations. While acknowledging that the current situation, where the NNPC is the sole importer, is not ideal, he emphasized that only the NNPC could determine the product’s price.

He reassured the public that there was no cause for concern and attributed any minor scarcity during the festive period, which he expected to normalize soon. Maigandi also anticipated a potential reduction in pump prices when the Port Harcourt and Dangote refineries become operational, providing increased availability and domestic refining.

Regarding government savings from subsidy removal, Maigandi stated that it was not within IPMAN’s purview, emphasizing their focus on purchasing products from the NNPC. Additionally, he revealed that IPMAN is actively planning two modular refineries in Lagos and Calabar, aiming for increased ownership and operation within the industry.