IPMAN Reacts as Fuel Price Hits N620/Litre in Port Harcourt
The pump price of the Premium Motor Spirit, PMS commonly known as petrol, has hit N620 per litre in Port Harcourt following the increment in ex-depot price by NNPC Ltd. on Tuesday.
There was no scarcity of the product, most fuel stations in Port Harcourt, the capital of oil-rich Rivers State, were now dispensing fuel at between N605 and N620 per litre.
Reacting on the development, the Independent Petroleum Marketers Association of Nigeria, IPMAN, said the increment in the retail price was necessitated by the increase in the ex-depot price by NNPC Ltd.
IPMAN Chairman in Rivers State, Dr Joseph Obele, disclosed that NNPCL being the sole importer of petrol in the country, has increased the ex-depot price from N487.7 per litre to N567.7 per litre.
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Obele lamented that the increment in petrol price would quadrupled the sufferings of the masses, and urged President Bola Ahmed Tinubu to declare a state of emergency on the nation’s four refineries.
He said: “It is true, today Tuesday 18th July. We saw a new buying rate on the NNPC portal. The previous buying rate was N487.7 per litre. The new buying rate going forward is N567.7 per litre.
“The new selling rate from today (yesterday) is N600, N610, N620 and above.
“It is going to bring hardship to the citizens and marketers will need to source for additional trading capital in order to remain in the business.
“Our solution is fixing Nigeria’s refineries. Mr President should declare state of emergency on Nigeria refineries.”
