The Independent Petroleum Marketers Association of Nigeria (IPMAN) has dismissed rumors of an impending nationwide petrol price hike.
According to Bashir Salisu Tahir, Chairman of IPMAN’s Northwest Chapter, local refineries are now operational, which will lead to a reduction in fuel prices.
Tahir emphasized that the market dictates prices, and there’s no truth to the rumors of a price increase.
He noted that diesel prices have risen due to market dynamics, but they will decrease when market conditions improve.
IPMAN’s assurance comes amid speculation about a potential price hike to N700 per liter.
However, the association has repeatedly denied these claims, stating that they are committed to providing affordable fuel to Nigerians.
The resumption of operations at the nation’s refineries is expected to stabilize and reduce petrol prices further.
IPMAN’s stance provides relief to Nigerians who were worried about the potential price hike.