Home » IPMAN Denies Rumors of Fuel Price Increase, Urges Against Panic Buying

IPMAN Denies Rumors of Fuel Price Increase, Urges Against Panic Buying


The Independent Petroleum Marketers Association of Nigeria (IPMAN) has refuted speculations about an impending plan to increase the pump price of petrol, commonly known as Premium Motor Spirit (PMS).

Contrary to media reports suggesting a potential hike to N1,200 per litre due to the cessation of under-recovery of fuel costs, IPMAN’s Public Relations Officer, Okanlawon Olanrewaju, clarified the association’s stance during an interview on Channels Television’s Sunrise Daily.

Olanrewaju categorically stated that there is no ongoing plan among fuel marketers to increase the fuel price. He emphasized that there is currently no signal from the Nigerian National Petroleum Corporation (NNPC) instructing marketers to raise the petrol price.

Urging Nigerians against panic buying, Olanrewaju dismissed the circulating rumors, asserting, “As far as the independent marketers are concerned, we don’t have plans or plans to increase fuel pump price.” He emphasized that such a decision would only be considered if NNPC officially communicates a need for an increase.

The IPMAN representative’s statement follows the Nigerian National Petroleum Corporation’s (NNPC) dismissal of any clash with IPMAN and its denial of plans to increase the fuel price. NNPC reiterated that the subsidy on petrol has been entirely removed, aligning with President Bola Tinubu’s earlier announcement of its removal.

As the situation unfolds, IPMAN and NNPC jointly seek to quell public concerns and discourage panic buying in response to the circulating speculations.

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