IPMAN Insists on N1,200/Litre Petrol Price Amid NNPC Denial

The Nigerian National Petroleum Company Limited (NNPC Ltd) has refuted claims of a clash with petroleum marketers regarding the removal of petrol subsidies. In a statement released by Olufemi Soneye, the chief corporate communications officer of the company, NNPC Ltd clarified that there was no confrontation with petroleum marketers, particularly the Independent Petroleum Marketers Association of Nigeria (IPMAN), over the subsidy removal issue.

This statement comes in response to reports alleging a clash between NNPC Ltd and IPMAN concerning the cessation of petrol subsidy, which was said to result in a price increase to N1,200 per litre. The reports cited oil marketers’ concerns about the escalating subsidy costs due to the depreciation of the naira against the United States dollar and the rising crude oil prices.

Ukadike Chinedu, the National Public Relations Officer of IPMAN, was quoted in the reports, stating that considering the international market prices of petrol and diesel, the cost of petrol in Nigeria should be around N1,200 per litre in a free market scenario. He highlighted the disparity between the prices of petrol in the United States, where it sells for $2.99 to $3.15 per gallon, and the current exchange rate of the dollar to the naira in Nigeria.

In response, NNPC Ltd’s chief corporate communications officer, Mr Soneye, clarified that the company has not engaged in any clashes with any party over the subsidy removal. He expressed disappointment in the headline used in the publication, emphasizing that NNPC Ltd’s response to inquiries about the alleged subsidy reduction was that the subsidy had been completely removed.

Despite attempts to obtain further comments from Mr Chinedu, he was unavailable for response at the time of reporting.

Source: Premium Times