FG meets IPMAN, MOMAN, fuel price hike imminent

 FG meets IPMAN, MOMAN; impending fuel price increase

On Wednesday, the Federal Government announced that it was currently speaking with oil marketers on matters related to the price of Premium Motor Spirit, more commonly known as gasoline, fuel lines, and the payment of bridging claims, among other things, in the downstream oil industry.

As oil marketers had frequently laid the responsibility for the ongoing fuel lines in various regions of Nigeria on the prohibitive price of PMS, it was credibly reported in Abuja that the meeting might result in an increase in the price of gasoline at the pump.

As the government was being urged to progressively raise the price of PMS, the Major Oil Marketers Association of Nigeria joined forces with its counterparts in the Independent Petroleum Marketers Association of Nigeria and the Natural Oil and Gas Suppliers Association on Wednesday.

As some IPMAN members had previously achieved this by selling over the N165/litre government-approved price, IPMAN and NOGASA had already campaigned for the increase in the price of gasoline.

In various states, including Abuja, Lagos, Ogun, Imo, and Niger, among others, some of them currently dispense gasoline at N180/litre and above.

The General Manager, Corporate Communications Department, Nigerian Midstream and Downstream Regulatory Authority, Kimchi Apollo, assured our reporter on Wednesday that the government was currently engaging the oil dealers when asked about the demands of the various marketing organizations.

Don't worry; we are currently meeting with them to discuss the numerous concerns. You will be aware of the result by tomorrow, he said.

The NMDPRA is currently holding a meeting with them, so Apollo said, "I'll let you know the outcome. Hopefully, you'll be aware of the meeting's outcome by tomorrow.

The NMDPRA spokeswoman said, "We cannot engage with MOMAN, we are engaging all of them," in response to the question of whether the meeting was held with MOMAN or all oil merchants. Don't worry; we are interacting with them. Later, you will be aware of the result.

The Nigerian National Petroleum Company Limited, the country's sole gasoline importer, stated that it was not in charge of setting oil prices and would not make any predictions about when the price of petroleum products will increase or decrease.

If you can contact Shell and ask them for their thoughts on the prices of petroleum goods, you can call us (NNPC) and ask us for similar thoughts, according to a top executive at the oil company who begged to remain anonymous due to a lack of authorization.

"We don't have any kind of regulatory function in the sector; we are just operators right now," the insider continued. The government is in charge of that. And as a result of the Petroleum Industry Act, we are no longer a subordinate branch of the state.

"The corporation is owned by Nigerians and is held in trust by the government; nonetheless, the government has no authority over pricing or other business-related decisions. Despite having a mission to provide energy security.