No Plans To Increase Fuel Pump Price To N700 – IPMAN

Posted by Nwa Diokpa Featured, Latest Headlines, News Across Nigeria Saturday, July 1st, 2023

(AFRICAN EXAMINER) – The Independent Petroleum Marketers Association of Nigeria (IPMAN) has refuted claims that the association intends to increase the pump price of Premium Motor Spirit (PMS), also known as petrol, to N700 per litre nationwide.

The Chairman of IPMAN Southwest Zone, Dele Tajudeen, disclosed this in an interview in Ibadan on Friday.

He tasked Nigerians to ignore the rumours and not engage in panic buying.

According to Tajudeen, the product’s price would not be more than what is being sold presently and he used the opportunity to commend President Bola Tinubu for removing the subsidy on petrol saying that it was long overdue.

He said “Even in the PIA bill, it has been clearly stated that the subsidy must be removed. So, I want to commend him for removing the subsidy and say that we are in support. It is because the subsidy was a scam.”

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

“So, people should be 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 in the paper; it is just speculation and not a reality. Nothing like that; I want to assure the masses.

“There is no way 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.”