No Plan To Increase Petrol To N170, N180, IPMAN President Says

No Plan To Increase Petrol To N170, N180, IPMAN President Says

The President of the Independent Petroleum Marketers of Nigeria, Elder Chinendu Okoronkwo, has debunked recent reports that the Nigerian government is planning to increase the fuel pump price in the first quarter of the year 2021.

Okoronkwo told SaharaReporters on Tuesday while reacting to the speculations on social media that a litre of petrol could be sold for N180.

Recall that the pump price of premium motor spirit (PMS), otherwise known as petrol, was increased by the Nigerian government to N151.56 per litre on September 2, 2020.

It is currently being sold at fuel stations at about N162 per litre. 

The National President of the Petroleum Products Retail Outlets Owners Association of Nigeria (PETROOAN), Billy Gill is-Harry, recently asked the Nigerian government to increase the pump price from around N160 to N170.

Gillis-Harry said it was necessary because the government had increased the cost of depot price to marketers from N157 to N160.

However, Okoronkwo, said, “There is nothing like fuel hike price. The government is not planning to increase the fuel price, and don’t bring all these speculations. I still bought a litre of petrol this morning at N162. It is not good to dwell and work on rumours.

“Let’s work on facts and figures at hand. At least, that’s what we have for now. And when we get to the bridge, we will cross it. Let us not project what is not true and let us not complain yet.”

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