Following the recent surge in pump prices of Premium Motor Spirit (PMS or petrol), with some petrol stations in Port Harcourt selling at an exorbitant rate of N620 per litre due to an increment in ex-depot prices by NNPC Ltd., the Independent Petroleum Marketers Association of Nigeria (IPMAN) has made a fervent call to the Federal Government.
Dr. Joseph Obele, the IPMAN Chairman in Rivers State, expressed deep concern over the situation, revealing that NNPC, being the sole importer of fuel in the country, has raised the ex-depot price from N487.7 per litre to N567.7 per litre.
Obele emphasized that this unprecedented increase in fuel prices would have severe repercussions on the already burdened masses, leading to heightened suffering. In light of this crisis, he urgently urged President Bola Ahmed Tinubu to declare a state of emergency on Nigeria’s four refineries.
The IPMAN Chairman asserted that the new fuel prices would bring unprecedented hardships to both citizens and marketers, necessitating the sourcing of additional trading capital to sustain their businesses. He also expressed concerns that the soaring inflation index would further strain the already fragile Nigerian economy.
According to Obele, the most viable and long-term solution to this recurring problem lies in the refurbishment and revitalization of the nation’s refineries. He firmly believes that a state of emergency declaration on the refineries by the President would pave the way for much-needed reforms and sustainable solutions.
The current situation demands urgent and proactive measures to alleviate the plight of the citizens and mitigate the adverse effects on the nation’s economy. IPMAN’s call for immediate action on the refineries seeks to address the root cause of the issue and ensure a stable and affordable fuel supply system for the Nigerian people.
