Fuel price increase: Let us pray against further price hikes – IPMAN tells Nigerians

In the wake of the recent surge in the cost of Premium Motor Spirit, colloquially referred to as petrol, reaching a staggering N617 per litre, the Independent Petroleum Marketers Association of Nigeria (IPMAN) has earnestly implored the Nigerian populace to beseech divine intervention in order to avert any potential escalation in prices.

In a recent Arise Television Interview, Yakubu Suleiman, the National Publicity Secretary of IPMAN, made a significant disclosure.

In a noteworthy development, it is worth recalling that the pump price of fuel in the nation’s capital, Abuja, has been subject to an adjustment, now standing at an elevated rate of N617 per litre.

In a resounding display of collective discontent, Nigerians from various sectors, including the esteemed Nigeria Labour Congress, Trade Union Congress, and Nigeria Union of Journalists, have vehemently voiced their anger and frustrations in response to the recent fuel price hike.

In a recent statement, Suleiman, a prominent figure in the energy sector, astutely observed that the trajectory of the local price is intricately tied to the fluctuations of the international crude oil market. With a discerning eye, Suleiman highlighted the potential consequences of a continued ascent in the price of crude oil, cautioning that such an occurrence would inevitably lead to a further escalation in the local price.

As per the individual in question, the current assessment of the landing cost of petrol within the Nigerian context is reported to be at an estimated value of N565 per litre.

According to the individual in question, oil marketers have reportedly reached a price of N617 per litre, factoring in additional expenses.

In the current state of affairs, it has been revealed that the landing cost of petrol in Nigeria stands at a staggering N565 per litre.

In light of the current economic climate, it is imperative that we express our collective hope that the prevailing prices do not experience an upward trajectory. In the event of an increase in crude prices, it is expected that the corresponding local prices will also experience an upward trajectory. In a fervent plea, the individual expressed their hope that the upward trajectory of crude oil prices would not persist.

In a recent statement, Mele Kyari, the esteemed Group Chief Executive Officer of the Nigerian National Petroleum Corporation Limited (NNPCL), has attributed the current price of petrol to the influence of market forces.

Read: Fuel price: NLC, NUJ, and others fume as rage and dissatisfaction spread across the country

In a momentous decision, the esteemed National Assembly has given its seal of approval to a substantial N500 billion fund request put forth by the administration of President Bola Ahmed Tinubu. This request, aimed at mitigating the impact of the removal of fuel subsidies on the general populace, has garnered significant attention and support.

In a recent revelation regarding the allocation of the substantial N500 billion funds, it has come to light that a sum of N8,000 is set to be disbursed among a staggering 12 million households. This development has sparked considerable interest and scrutiny, as it pertains to the financial support being extended to a significant portion of the population.

However, the unveiling of this development has not been without its fair share of controversies.

Amidst the resounding discontent expressed by the Nigerian populace, the esteemed political figure, Tinubu, has taken decisive action by issuing an order to meticulously reassess the proposed N8,000 palliative measures intended to benefit a staggering 12 million households.

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