The Independent Petroleum Marketers Association of Nigeria (IPMAN) has called on President Bola Tinubu to declare a state of emergency on the country’s refineries as the pump price of Premium Motor Spirit (PMS), commonly known as petrol, soared to N612 per litre.
Dr. Joseph Obele, the IPMAN Chairman in Rivers State, made this appeal in response to the recent fuel price hike.
He highlighted that the ex-depot price has surged from N487.7 per litre to N567.7 per litre, resulting in selling rates ranging from N600 to N620 and beyond.
In a statement, Obele expressed concerns about the adverse impact of these price increases on citizens, emphasizing that marketers would face additional challenges in sourcing trading capital to sustain their businesses.
To tackle the root cause of the issue, IPMAN’s proposed solution is to address the nation’s refineries urgently. They believe that declaring a state of emergency on Nigeria’s refineries is crucial to alleviate the current situation and stabilize fuel prices, ultimately easing the hardship faced by citizens and industry players.
IPMAN’s appeal to President Tinubu comes amidst rising concerns about the economic implications of the fuel price hike and highlights the importance of revamping the country’s refining infrastructure to achieve lasting stability in fuel prices.