IPMAN Urges FG to Intervene as PMS Prices Exceed N1,000

The Independent Petroleum Marketers Association of Nigeria (IPMAN), led by President Abubakar Garima, has sought intervention from the Federal Government to address the rising price of Premium Motor Spirit (PMS), which has surpassed N1,000 per litre in states including Lagos, Ogun, and Oyo. In an interview with Nairametrics on Saturday, Garima expressed concern over the recent price surge, attributing it to ongoing tensions in the Middle East.

He suggested that the Dangote approach could help reduce fuel prices at stations, which are currently being sold at rates between N1,000 and N1,010 per litre. The price increase is further exacerbated by transport costs and a recent rise in the price of PMS at the Dangote Petroleum Refinery, which was reported at N995 per litre on Friday, marking a sharp increase of N221 within four days.

This price volatility is linked to the surge in global crude oil prices due to geopolitical conflicts, particularly the ongoing war between the United States and Israel against Iran, which has contributed to a 40 basis point increase in global inflation.