July 19, 2023

IPMAN expresses concern over fresh increment of PMS pump price

IPMAN expresses concern over fresh increment of PMS pump price

By Ndahi Marama

The Chairman Independent Petroleum Marketers Association of Nigeria (IPMAN), Borno state chapter, Alhaji Mohammed Kuluwu has expressed concern over the latest increment of Premium Motor Spirit, PMS, by Nigerian National Petroleum Company Limited, NNPCL which now stood at N617 as against about N500 per litre.

He opined that, with this latest increase, Nigerians well-being and standard of living are being threatened by government for not providing needed palliatives before removing the fuel subsidy

This is even as he described the planned Federal Government N8,000 palliative to cushion the effect of the removal of fuel subsidy on 12 million Nigerian households as a failed policy.

Kuluwu stated this in an interview with Vanguard in his Maiduguri office while reacting to the recent increase in the price of PMS/litre on Tuesday.

Kuluwu said, “the jerk up price of PMS is ill-timed and anti -democracy, as Nigerians have not been finding it easier to cope with the economy after President Bola Ahmed Tinubu earlier in May this year announced increase of the product from N187 to about N500/litre.

“Instead of the federal government to wake up from its slumber and address the continual devaluation of the naira against US Dollar which now stood at over N800/$1, it is busy increasing the pump price of our PMS. Unless our naira appreciate against the dollar, PMS prices will continue to rise.

“This is because, the dwindling value of the Naira has put pressure on fuel importers, including the NNPC Limited as well as major and independent marketers to jerk up prices of the product in order to sustain their businesses.

“Although many importers have been able to import the product, it can never be cheap, because it is based on the current market prices, especially foreign exchange.” Said the IPMAN Boss.

He however urged the Federal Government to consider an upward review of the N8,000 each meant for 12 million targeted households as palliatives due to removal of the fuel subsidy by the federal government.

Checks by our Correspondent revealed that most filling stations such as Masida, Metrix, A.U.N, NNPCL mega stations all in Maiduguri and its environs have since adjusted their pump prices from N550 to over N600/litre amidst panic buying.