IPMAN Raises Alarm Over ‘fake News’ of New Pump Price

The Independent Petroleum Marketers Association of Nigeria (IPMAN) has warned southeast residents to stop panic buy, saying there’s no plan by the federal government to increase fuel pump price.

The association told members of the public at the weekend to disregard the alarm and speculations about increase in pump price of Premium Motor Spirit otherwise known as petrol.

The chairman of IPMAN, Enugu Depot, Chinedu Anyaso gave the warning in Awka, Anambra state at the weekend, while speaking with reporters.

He disclosed that the Nigeria National Petroleum Company Limited (NNPCL) being the sole importer of the product had not in anyway informed marketers of any intending increase in price, hence the need for the people to disregard the speculations on ‘social media’.

According to him, “the panic may have arisen from a calculation of downward trend of naira in exchange with the dollar.”

The IPMAN boss reassured the people that there was no plan by marketers to jack up the cost of petrol since there was no announcement from the sole importer of the product.

He said contrary to media reports, the Port Harcourt refinery was yet to come on stream at the moment.

He explained that the information made available to IPMAN indicated that the mechanical aspect of the 60,000 barrel capacity PH refinery had been done, while work was still in progress on other aspects.

He, therefore, appealed to the federal government to consider issuing licences to players in the industry as such move would make it competitive, while forcing down the price nationwide.