IPMAN denies plan to increase petrol to N700 per litre

The Independent Petroleum Marketers Association of Nigeria (IPMAN) has denied the alleged plan by the association to increase pump price of Premium Motor Spirit (PMS) also known as petrol to N700 per litre nationwide.

The chairman of IPMAN Southwest Zone, Mr Dele Tajudeen, stated this in an interview with the News Agency of Nigeria in Ibadan on Friday

The chairman, therefore, urged Nigerians to disregard the speculation and not to engage in panic buying.

Tajudeen stressed that the price of the product would not be more that what is being sold presently.

He commended President Bola Tinubu for removing the subsidy on petrol, adding that it was long overdue.

“Even in PIA bill, it has been clearly stated that the subsidy must be removed.

”So, I want to commend him for removing the subsidy and I want to say that we are in support totally. This is because the subsidy was a scam,” he said.

He added that the slight increase in pump price was because of the transportation cost and that Nigerians should be at rest as the commodity will not be out of reach for the masses.

“I want to disabuse the mind of the people that they should not panic about it, there is no cause for alarm, we are in control and there is nothing like that.

“So, people should be rest assured that there is no way they can buy petrol more than the price it is being sold now.

“If we look at the price from NNPC retail limited, which is an integral part of NNPC limited, they have more advantages than independent marketers and major marketers.

”So, it was the retail price that they announced they had never given a specific price to the independent marketers.

“However, I have read what somebody put into the paper, it is just speculation it is not a reality. Nothing like that I want to assure the masses.

“There is no how the price can go to N700 as we speak, because even if the FX is N700 or N800 that has not nothing to take the price of petroleum from N500 to N700,” Mr Tajudeen said.

He noted that the product had been deregulated, hence the differential in prices was due to transportation as it is related to location.