IPMAN Denies Plans to Increase Petrol Price to N700 per Litre, Urges Nigerians Not to Panic

IPMAN Denies Plans to Increase Petrol Price to N700 per Litre, Urges Nigerians Not to Panic

The Independent Petroleum Marketers Association of Nigeria (IPMAN) has categorically denied reports suggesting that its members have planned to raise the price of petrol, also known as Premium Motor Spirit (PMS), to N700 per litre across the nation. Dele Tajudeen, the Chairman of IPMAN South-west Zone, addressed the issue in an interview with the News Agency of Nigeria (NAN) in Ibadan on Friday, June 30.

Tajudeen reassured Nigerians that there is no need to panic or engage in panic buying, as the rumors are baseless. He emphasized that IPMAN is in control of the situation and stated, "So, people should be rest assured that there is no way they can buy petrol more than the price it is being sold now." He explained that the price announced by the Nigerian National Petroleum Corporation (NNPC) Retail Limited, which is an integral part of NNPC, does not specifically dictate prices for independent marketers. He dismissed the speculation published in some newspapers, affirming that the rumored price increase to N700 per litre is unfounded and urged the public to disregard it.

Tajudeen clarified that petrol has been deregulated, resulting in price differentials based on factors such as transportation costs and location. He cited examples, saying, "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 thereabout, it could be as much as N500,000. And if you are going to Ilorin, it could be as high as N700,000, that would account for the differential in prices." However, he assured the public that within the Lagos metropolis, the maximum price should not exceed N515 to N520 per litre.

While the NNPC provides a price guideline, Tajudeen pointed out that independent marketers source their products from private depots in addition to the NNPC. Therefore, the price at which they acquire the product determines the margin they apply when selling it. However, he asserted that currently, the highest price anyone should pay is approximately N550, with Lagos at N510 per litre and Ogun State between N500 and N520 per litre.

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