New Telegraph

‘IPMAN, MOMAN unaware of petrol price hike’

Oil marketers yesterday faulted reports on their knowledge of any official increase in the pump price of Premium Motor Spirit (PMS), popularly called petrol. Unconfirmed information had circulated that the pump price of petrol had been increased from N165 across the country to N174 in Abuja, reflecting an increment of N9, and N169 in Lagos, reflecting an increment of N4. According to the circulated template, it was increased in the South West to N179, (increment of N14); North West to N184, (increment N19); North East, N189, (an increase of N24); South-South to N179, (an increment N14); North Central, N179 (an increase of N14) and South East, N184 (an increment of N19).

According to the unconfirmed template, there was also a PMS ex-depot price adjustment. It stated that it has been adjusted in Lagos from N148.17 to N160-162; Warri/ Ogharra from N148.17 to N162- N165 and Port Harcourt, from N148.17 to N165- N167. The message stated that the Nigerian National Petroleum Company Limited (NNPC Limited) had, therefore, directed for a change to the new price template, adding that it became effective from yesterday. It said: “This is to inform you that NNPC Ltd has approved an upward review of PMS pump price from N165/ltr to N169-N184/ltr depending on the zones. You are hereby directed to change your PMS price on pumps and Totems to the new price effective 19/07/2022.” But the spokesman of the Independent Petroleum Marketers Association of Nigeria, Mr Mike Osatuyi, said IPMAN had not been communicated officially of any hike in the price of PMS.

He said there was no letter from NNPC to IPMAN communicating to them of any price increase and directing them to comply. He also stated that if there was any price hike, NMDPRA was the body statutorily charged with the responsibility of fixing petrol pump prices and communicating them. He insisted that NMDPRA had not informed IPMAN of any price hike. Also, a member of the Major Oil Marketers Association of Nigeria, who declined to be named because he was not authorised to talk on such a matter, said the major oil marketers had not been informed of any petrol price hike.

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