#FuelPriceHike: No Increment In Petrol Price For Now ― Marketers

• The Major Oil Marketers Association of Nigeria (MOMAN) and Independent Petroleum Marketers Association of Nigeria (IPMAN) have debunked the increment in the pump price of Premium Motor Spirit, also known as petrol.
• The Executive Secretary, MOMAN, Mr Clement Isong, while reacting to reports that the price of PMS has been increased to N212.61 per litre, stated that the association had received communication from the Nigerian National Petroleum Corporation (NNPC) that there should be no price increment for the product.

The Major Oil Marketers Association of Nigeria (MOMAN) and Independent Petroleum Marketers Association of Nigeria (IPMAN) have debunked the increment in the pump price of Premium Motor Spirit, also known as petrol.

The groups made this known while speaking with newsmen in Lagos on Friday.

The Executive Secretary, MOMAN, Mr Clement Isong, while reacting to reports that the price of PMS has been increased to N212.61 per litre, stated that the association had received communication from the Nigerian National Petroleum Corporation (NNPC) that there should be no price increment for the product.

“NNPC has told us that they will not increase prices in March. If you recall, they have made a statement on that earlier and have reconfirmed to us that there is no increment.

“They have also put it out on their social media handles.’’

According to him, queue noticed at filling stations in some states of the country in recent weeks is due to speculation that there will be price increase.

“What NNPC did was to take out the speculation by giving assurance that price will not go up in March and that killed the queue and demand went down.

“What they have done again this morning is to take out the speculation out of the market. They always have enough products,’’ Isong, said.

He further disclosed that MOMAN had advised its members to continue retailing with the old price regime.

Also, Mr Chinedu Okoronkwo, President, IPMAN said marketers had received communication from NNPC that there would not be any price increment until the government and organised labour concluded their deliberations.

Currently, petrol sells at N162 and N165 per litre at most filling stations across the country.

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