Atlantic Reporters reports that the rising price of crude oil and the depreciation of the Naira have raised concerns about a possible petrol price hike in Nigeria. However, the Independent Marketers Association of Nigeria (IPMAN) and the Major Oil Marketers Association of Nigeria (MOMAN) have allayed these fears, stating that the sole supplier of petrol in Nigeria, the Nigerian National Petroleum Corporation Limited (NNPCL), has not proposed an increment plan.
According to the President of IPMAN, Chinedu Okonkwo, fuel markets purchase their products in Naira and NNPCL has not told them that the price of fuel will change. He also urged the federal government to speed up efforts toward ensuring the implementation of Compressed Natural Gas as a viable alternative to fuel.A former Chairman of MOMAN, Tunji Oyebanji, also explained that the country has a special fuel-deregulated market where NNPCL sets the price as the sole supplier. He said that as long as NNPCL remains the sole supplier and fuel importer, the product’s price may likely remain unchanged in the interest of the generality of Nigerians.The Group Chief Executive of NNPCL, Mele Kyari, had earlier reiterated President Bola Ahmed Tinubu’s assurance that there will be no further fuel pump price increments.In conclusion, Atlantic Reporters reports that there is no cause for alarm over the fuel price increase in Nigeria, at least for now. NNPCL has not proposed an increment plan and the federal government is committed to ensuring that the price of petrol remains affordable for Nigerians.