IPMAN Denies Plans To Increase Petrol Price To N700 Per Litre

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

INFORMATION NIGERIA reports that the fuel marketers, debunked the reports and urged Nigerians not to panic in buying the fuel, assuring that the price of petrol would not be more than what is being sold presently nationwide.

The Chairman of IPMAN Southwest Zone, Alhaji Dele Tajudeen, while speaking on the matter in Ibadan, Oyo State on Friday, clarified 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.

READ MORE: ‘I Could’ve Benefitted From Petrol Subsidy Scam, But God Forbid’ — Tinubu

“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 nothing to take the price of petroleum from N500 to N700,” Tajudeen briefed newsmen.

Tajudeen added: “If you are moving products within Lagos the price may not be more than N300,000 but if you are moving up to Ibadan or there about it could be as much as N500,000.

”And if you are going to Ilorin, it could be as high as N700,000 which would account for the differential in prices.

“I want to say with all sense of authority that as of today, within Lagos metropolis, nobody should sell more than N515 to N520 per litre.

”Though NNPC has given us the price but the reality of it is that what we buy from the market; because NNPC limited is not the only source for our product, we get from private depots.

“So, whatever we buy is what we put our margin and sell.

”But as of today, the highest you can get anywhere should be around N550; Lagos N510 per litre; Ogun State between N500 and N520.”