IPMAN Backs NNPC, Says Those Pushing For N720 Per Litre Fuel Price ‘Insensitive’

The Independent Petroleum Marketers Association of Nigeria (IPMAN) has distanced itself from marketers speculating an increase in the price of Premium Motor Spirit from N617 per litre to N720 in the coming days.

IPMAN also backed the state-owned Nigerian National Petroleum Company Limited for its commitment to overhaul the activities of the speculators trying to exploit Nigerians.

IPMAN’s President, Chinedu Okoronkwo made the clarification on Tuesday during an interview on Arise TV monitored by THE WHISTLER.

Okonkwo told Arise TV, “It is very important for me to state that IPMAN cannot be among those speculating (N720 per litre). Moreso, we have not started importing these products. There is a difference between Independent Marketers and those who are Major Marketers. Everything will be heaped on IPMAN- it is not correct.

“You can hear from NNPC that they have no option for now to put their price up. We are really saddened by these speculators making things to be very hard. By the time you speculate, people begin to adjust prices and it affects the price of even garri beans and everything. It is not giving us headway to go.”

On Sunday, some marketers speculated that the price of fuel will rise to N720 per litre.

They hinged their decision on the persistent depreciation of the naira to N950, the rise in the price of crude oil, and other foreign exchange-related issues.

Crude oil prices are trading around $85 dollar per barrel.

The news sparked a nationwide reaction leading to the NNPC making a bold statement that it does not have immediate plans of increasing the price of fuel.

Dismissing the rumours, the NNPCL said, “Dear esteemed customers, we at NNPC Retail value your patronage, and we do not have the intention to increase our PMS pump prices as widely speculated.”

Okonkwo said any further price increase would impact the well-being of Nigerians.

According to him, the NNPC has the capacity to supply its members and the rest of the market with products.

He said, “This PMS is like any other product. The noise around it is getting unbearable and I want to state here that we are not making any effort to increase the price. We are still getting our products majorly from NNPCL.

“These people (NNPC) are the people that we look up to, and they have come out clearly to say they don’t intend to increase price. I think this should go a long way to dousing every tension, that for now there is nothing to worry about.

“I am believing that the NNPC will do everything within its power to ensure IPMAN members get the product. We have not started importing, so, the idea of triggering situations that should not be there is not from us.”