IPMAN Reacts To Purported Petrol Litre Increase To N700, Tells Nigerians Not To Panic Buy

 The Independent Petroleum Marketers Association of Nigeria (IPMAN) has assured the general public that it has no plans to upwardly review the price of petrol.

 IPMAN in a statement denied rumours it planned to increase the pump price of Premium Motor Spirit (PMS), also known as petrol, to N700 per litre nationwide.

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IPMAN South-west Zone Chairman, Dele Tajudeen, in an interview with the News Agency of Nigeria (NAN) in Ibadan on Friday, June 30, called on Nigerians not to engage in panic buying and disregard the rumors.

In his words:

“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 and 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'' Tajudeen said

The South West IPMAN executive while noting that the product had been deregulated, averred that the difference in price was due to transportation as it is related to location.

”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. 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."