Port Harcourt — The Independent Petroleum Marketers Association of Nigeria, IPMAN, has said that Nigerians should brace up for a higher price of premium motor spirit, commonly known as fuel.
National Public Relations Officer of IPMAN, Ukadike Chinedu, who disclosed this, described the deregulation of petroleum downstream sector by the Federal Government as half-baked.
Speaking on a live radio program recently, IPMAN explained that since the country was relying only on imported fuel, the law of demand and supply must be factored.
Chinedu also urged the Federal Government to declare a state of emergency in the country’s four refineries, in order to make them work for the betterment of all Nigerians.
According to him, “The deregulation of petroleum downstream sector by the Federal Government is half-baked.
“In January 2020, there was a new price regime, in April a new price was announced, in June 2020 another price, in September another price and it is increasing.
“We are now buying fuel at N161, who knows what will be the price by next year because everything is factored in demand and supply.
“So Nigerians should expect to buy product by Christmas around N200 per litre, because we are not producing. We must produce fuel in order to control the influx of petroleum products into the country.”