The Independent Petroleum Marketers Association of Nigeria (IPMAN) and the Nigeria National Petroleum Company Limited (NNPCL) have warned Nigerians against panic-buying and dismissing reports of a planned hike in the pump price of petrol also called Premium Motor Spirit (PMS).
According to reports, fuel marketers clashed with the Nigerian National Petroleum Company Limited (NNPCL) over whether the government was still paying subsidy. The development triggered claims that the commodity will now cost N1,200 per litre due to the cessation of under-recovery of fuel costs.
