BREAKING: More Fuel Hike Predicted, Experts Advise Nigerians to Prepare for the Worst

A significant fuel price hike appears imminent as the Independent Petroleum Marketers Association of Nigeria (IPMAN) has warned of an impending scarcity that could exacerbate the already soaring costs. Experts are advising Nigerians to brace for tough times ahead, as the downstream sector grapples with a combination of high prices and supply shortages.

In a statement delivered in Ilorin, Kwara State, on Friday, Alhaji Okanlawon Olanrewaju, the National Public Relations Officer of IPMAN, revealed that the Nigerian National Petroleum Corporation (NNPC) plans to sell fuel to marketers at a staggering N1,010 per litre. This development is expected to lead to higher pump prices across the nation, far exceeding current levels.

“We are facing an unprecedented situation in the downstream oil sector. NNPC’s proposed pricing is unsustainable for independent marketers, as they will be forced to sell at prices far beyond what the public can afford. This will inevitably trigger widespread fuel scarcity,” Olanrewaju warned.

Experts have expressed grave concerns about the looming fuel hike. With NNPC maintaining a monopoly as the sole off-taker from the Dangote Refinery, independent marketers are left with limited options. Analysts are predicting that if the proposed pricing structure is enforced, fuel prices at the pump could skyrocket, pushing inflation further and deepening the economic hardship already faced by millions of Nigerians.

“Consumers should prepare for the worst,” said a financial analyst who preferred anonymity. “The high cost of fuel will have a ripple effect on transportation, food prices, and general cost of living. It’s a situation that will impact every sector of the economy.”

Olanrewaju also highlighted the frustrations of IPMAN members, many of whom have paid NNPC over N15 billion for fuel at the previous price of N750 per litre. However, months later, they have not received the product, and now NNPC is asking them to top up their payments to reflect the new pricing.

“This is not sustainable. We cannot continue paying more without receiving the product. Our members have been instructed not to make further payments until after our National Executive Council (NEC) meeting next week. If this situation persists, there will be a significant disruption in fuel supply, leading to shortages,” Olanrewaju added.

The possibility of a full-scale fuel scarcity looms large as IPMAN’s directive to its members could leave fuel stations without product in the coming days. As the nation braces for what could be one of the steepest fuel price increases in recent years, experts and stakeholders are urging the government to urgently address the concerns of independent marketers and work toward a more sustainable solution.

With the economy already struggling under the weight of inflation, rising food prices, and currency devaluation, the predicted fuel hike will further compound the financial burden on ordinary Nigerians, making it critical for the authorities to act swiftly.