Introduction:

In the face of recent rumors circulating on social media and various blogs, the Nigerian National Petroleum Company Limited (NNPC) and the Independent Petroleum Marketers Association of Nigeria (IPMAN) have emphatically denied any plans to increase the pump price of Premium Motor Spirit (PMS), commonly known as petrol. The organizations have urged Nigerians to disregard the speculations and cautioned against panic buying.

Background:

The misinformation stemmed from a misinterpretation of a national newspaper report that explored potential pump price scenarios if market forces were allowed to determine petrol prices. However, both the NNPC and IPMAN clarified their positions, emphasizing that there is no intention to raise fuel prices.

NNPC’s Response:

In response to the rumors, the NNPC issued a statement affirming the removal of the subsidy and clarifying that there is no imminent increase in the cost of PMS. The Chief Corporate Communications Officer of the NNPC, Olufemi Soneye, emphasized that the publication’s inquiry about subsidy reduction had been inaccurately portrayed, leading to unfounded rumors.

IPMAN’s Stance:

IPMAN’s National Chairman, Abubakar Maigandi, supported the NNPC’s position, stating that there was no communication or signal from the NNPC regarding an increase in fuel prices. He reassured the public that independent marketers had no plans to unilaterally raise prices and urged against panic buying.

The Current Fuel Situation:

Maigandi acknowledged the current festive period might contribute to minor scarcity issues in some areas but emphasized that it would soon normalize. He also hinted at the potential for a marginal reduction in pump prices when the Port Harcourt and Dangote refineries start operations.

Looking Ahead:

IPMAN is reportedly making plans to establish two modular refineries in Lagos and Calabar, a move that could further contribute to stabilizing fuel prices in the future. Maigandi highlighted the independent petroleum marketers’ efforts to have their own refinery, expressing optimism about potential cost reductions when locally refined products become available.

Government’s Subsidy Removal:

The NNPC reiterated that the subsidy on petrol had been entirely removed, in line with President Bola Tinubu’s pronouncement. The removal of the subsidy, however, led to a spike in fuel prices, triggering economic challenges and increased food inflation.

Controversy Surrounding Subsidy Removal:

The World Bank has criticized the NNPC for lack of transparency regarding the financial gains from the subsidy removal. Oil marketers have also expressed concerns about fluctuating and scarce foreign exchange impacting the price of petrol.

Conclusion:

In conclusion, both the NNPC and IPMAN have debunked the rumors of a planned fuel price hike and called for calm among Nigerians. As the nation navigates the aftermath of subsidy removal and looks towards the future with plans for local refineries, it remains essential for stakeholders to ensure transparency and effective communication to avoid unnecessary public anxiety.

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