IPMAN Refutes Reports of PMS Price Hike, Announces Plans for Two Modular Refineries

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The Independent Petroleum Marketers in Nigeria (IPMAN) has dismissed rumors suggesting an imminent increase in the price of premium motor spirit (PMS) across the country. Alhaji Abubakar Migandi Garima, President of IPMAN, clarified this during an appearance on the “Arise News Evening Show.”

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Garima emphasized that the Nigeria National Petroleum Company Limited (NNPCL) is the exclusive importer of petroleum products in the country. He stated that unless there is formal communication to IPMAN, there won’t be any PMS price hike. Additionally, he disclosed IPMAN’s intention to construct two modular refineries in Lagos and Cross River State starting from Q4, 2024, to contribute to domestic refining.

“Marketers should sell at the current price unless there is any further communication from NNPC and the downstream regulator. PMS is available across the country, and there is no cause for alarm in the provision of retail services for Nigerians,” said Abubakar Migandi Garima.

Expressing optimism about domestic refining through initiatives like the Dangote petrochemical and NNPCL Port Harcourt refineries, he anticipated addressing supply challenges and reducing the cost of PMS. Garima acknowledged the existing disparity in PMS prices nationwide, attributing it to the absence of an alternative mechanism since the scrapping of the petroleum equalization fund (PEF). IPMAN is actively engaging with NNPCL and regulators to explore potential solutions for this issue.

Commenting on the post-fuel subsidy removal phase, Garima confirmed that IPMAN directly purchases petroleum products from NNPC. Since the subsidy removal, there has been increased availability, and queues at fuel stations have significantly decreased.

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