NNPCL, Marketers Speak on Final Decision on ‘New’ Fuel Price in Nigeria

• The NNPC Limited and marketers have finally put to rest the rumours of a petrol price increase in the coming days
• Marketers have also expressed their full support for the NNPC's decision not to raise the prices from the current N600 and N630 per litre
• Additionally, questions about whether petrol subsidy, removed by President Bola Tinubu, has been reinstated have been clarified

Legit.ng journalist Dave Ibemere has over a decade of experience covering Tech, Energy, Stocks, Investments, and the Economy.

The Independent Petroleum Marketers Association of Nigeria (IPMAN) has reechoed the stance of Nigerian National Petroleum Corporation Limited that there is no plan to increase petrol pump prices.

Abubakar Maigandi, IPMAN president, gave this assurance while stressing that the current N600 and N630 per litre pump prices remain unchanged unless directed by NNPCL.

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The Nation reports that Maigandi also revealed that NNPCL sells petrol to marketers at N568 per litre.

His words:

“Yes, we make very little profit on what we sell now, but it is a sacrifice that everybody has to make in the interest of the country.

"We have not received any of such instruction to increase price from NNPCL who is the only importer of the product.”

There is no plan to increase petrol pump price

Also speaking, Billy Gillis-Harry, the National President of the Petroleum Retailers Outlet Owners Association of Nigeria (PROOAN), confirmed the final decision on petrol prices.

Speaking on AriseTV, he noted:

“If the government has said that they are not paying subsidy and allow petroleum products to rise from where it was about N480 to N630, there is a clear mandate that we cannot go beyond that and NNPC is managing to make that work. Let's give them credit and give them kudos"

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NNPC speaks on petrol prices

The NNPCL recently reassured the public that the quoted N1,200 new petrol pump price in reports will not happen.

A statement from NNPC shared on its X account reads:

“NNPC Ltd. urges Nigerians to disregard unfounded rumours and assures that there are no plans for an upward review of the PMS price.

"Motorists nationwide are advised against engaging in panic buying, as there is presently ample availability of PMS across the country."

Marketers identify cabal behind the rising price of cooking gas in Nigeria

Earlier Legit.ng reported that Cooking gas marketers under the Nigerian Association of Liquified Petroleum Gas Marketers (NALPGAM) accused the Liquified Petroleum Gas (LPG) terminal operators of causing the country's high cooking gas cost.

Oladapo Olatubosun, the association's president, disclosed this when they met the senate committee on gas in the company of the group members.

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The commodity's price recently increased to N1,200 per kilogram, with many Nigerians lamenting its high cost amid surging Inflation and high living standards.

Source: Legit.ng