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In recent developments, key petroleum product marketers and the Nigerian National Petroleum Company (NNPC) Limited have vehemently denied any disputes regarding a potential pump price adjustment for Premium Motor Spirit (PMS), commonly known as petrol.

The NNPC, in a statement signed by its spokesperson, Olufemi Soneye, clarified that there is no disagreement with independent petroleum marketers on the matter or on the alleged subsidy on PMS. Soneye further assured Nigerians that there are no plans to increase the pump price of petrol, urging motorists nationwide not to engage in panic buying, as there is currently ample availability of PMS across the country.

These assurances and denials come in response to recent reports suggesting that fuel marketers, under the aegis of the Independent Petroleum Marketers Association of Nigeria (IPMAN), had clashed with the NNPC Ltd over the payment of subsidy.

Soneye, in a terse statement, insisted that the subsidy on petrol had been entirely removed. He emphasized that the NNPC Ltd has not clashed with any party and deemed the publication's headline as unfortunate, clarifying that the NNPC had confirmed the removal of the subsidy.

Both IPMAN and the Petroleum Products Retail Outlets Owners (PETROAN) refuted any form of disagreement with the NNPC. According to Elder Chinedu Okoronkwo, the National President of IPMAN, his group has not engaged the NNPC Ltd in any discussion on petrol subsidy removal or price adjustment. He stressed that groups speculating such disputes were not key marketers with substantial market share.

PETROAN, with over 19,000 members, asserted that petroleum products' supply by the NNPC Ltd is currently sustainable, and the sales margins offered give marketers a level of revenue recovery. The group proposed a meeting with the NNPC Ltd to discuss operational modalities governing the downstream sector in the New Year.

Dr. Billy Gillis-Harry, the National President of PETROAN, stated that marketers did not disagree with the NNPC Ltd on price increases because the market supply system had not been altered. He emphasized the NNPC's commitment to sustainable supply, dispelling notions of subsidy removal.

Gillis-Harry urged the federal government to initiate consistent stakeholders' meetings to share insights into market operations and possible policy changes.

The NNPC and petroleum marketers collectively emphasized their commitment to ensuring a stable and sustainable supply of petroleum products, debunking speculations of disputes and urging the public not to engage in panic buying.