President Bola Tinubu has been encouraged by the Independent Petroleum Marketers Association of Nigeria, or IPMAN, to declare the nation’s refineries in a condition of emergence.

Dr. Joseph Obele, the IPMAN Chairman in Rivers State, made the decision in response to the increase in the price of Premium Motor Spirit, or PMS, popularly known as gasoline, at the pump.

Tuesday saw a sharp increase in petrol prices, reaching N612 per litre.

The ex-depot price, according to Obele, went up from N487.7 per litre to N567.7 per litre.

A statement by Obele said: “It is true, that on Tuesday 18th July. We saw a new buying rate on the NNPC Portal.

“The previous buying rate was N487.7 per litre. The new buying rate going forward is N567.7 per litre.

“The new selling rate ranges from N600, N610, N620 and above.

“It is going to bring hardship to the citizens and marketers will need to source for additional trading capital in order to remain in the business.

“Our solution is fixing Nigeria’s refineries. Mr President should declare a state of emergency on Nigeria refineries.”