The Independent Petroleum Marketers Association of Nigeria (IPMAN) has reacted to the recent fuel price hike, stating that deregulation is fully taking place. However, the organization's spokesperson, Mr. Chinedu Ukadike, highlighted a different concern. He mentioned that marketers are struggling with over 2,000 pending orders due to the rise in foreign exchange and oil prices.
In a related development, the Nigerian National Petroleum Corporation (NNPC) and IPMAN have issued a joint statement warning against panic buying. They assured the public that there are no plans to increase fuel prices. Despite this, the Nigerian Labour Congress (NLC) has expressed strong dissatisfaction with the continuous price hike, which is affecting the masses.