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No plan to increase fuel price — IPMAN

IPMAN- lagospost.ng

The Independent Petroleum Marketers of Nigeria (IPMAN) has dismissed speculations that there will be a hike in the pump price of Premium Motor Spirit, otherwise known as petrol following the recent increase in crude oil price to $94.

The National President of IPMAN, Chinedu Okoronkwo, made this known while speaking with journalists.

He described the anxiety as mere speculation, adding that the government may have stored product that could last till December.

The association said there has been no announcement by the Nigerian National Petroleum Company Limited in that respect.

Marketers have pointed out that the price of crude oil and the exchange rate account for over 80 per cent of the cost of petrol.

On his part, the Managing Director of 11plc, formerly Mobil Oil Nigeria Plc, Adetunji Oyebanji, explained that given the price of crude, refined gasoline and the exchange rate, the current prices are not reflective of the market.

While stating that subsidy is considerably lower, Oyebanji further said that the issue must be wisely addressed due to its impact on the economy.



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