Nigerians Apprehensive Over Possible Increase In Fuel Price, Says IPMAN

Posted by admin Headlines, Oil Politics Sunday, February 28th, 2021

Following long fuel queues that have resurfaced in the Federal Capital Territory (FCT) and other states across the country, the Independent Petroleum Marketers Association of Nigeria (IPMAN) on Sunday, said Nigerians were being apprehensive over a likely increase in pump price.

This is coming on the heels of increasing queues in filling stations within Abuja, where getting the commodity seems to have become a Herculean task.

While some filling stations are dispensing the commodity at N170 per litre, some were under lock and keys.

Speaking with the Nigerian Tribune on phone in Abuja, the National President IPMAN, Elder Chinedu Okoronkwo, said there is no fuel scarcity as speculated, but consumers are merely panicky.

He said although there is likelihood of a price increase, this is not fixated as prices are dependent on oil prices in the international market.

“There is enough fuel but the queues are due to apprehension on the part of consumers that there may be likely price increase.

“Some people are filling up their Jerry cans but I think there is nothing to be afraid of. We have enough products and because it is a deregulated market price is no more fixated.
“The month is ending and there are fears that there might be a price increase. This thing is not something that is fixated, crude prices can slump, it will transcend,” he said.

He noted that with the Dangote refinery set to come upstream soon as well as other modular refineries, the issue of pricing would be addressed.

“Nigeria is making more money from its crude but the only setback we have is that our refineries are not working, but there are indications that the Dangote refineries will soon be on the stream, like other modular refineries like Waltersmith.

“With this, a lot of people will be emboldened to get into refining. That is what the country needs now so that there won’t be these hiccups.”

As of Friday night and Saturday, queues were observed at Oando filling station, Zone 4, Conoil, Wuse, Eternal Wuse 2, A.A Rano Jabi, Mobile, Lokogoma, NNPC, Major oil Jabi, Optima Energy Jabi, among others.

-Tribunewp_posts