No plan to increase fuel price to N700 per litre — IPMAN

THE Independent Petroleum Marketers Association of Nigeria (IPMAN) has urged Nigerians to disregard reports that its members are planning to increase the price of a litre of premium motor spirit (PMS), otherwise known as petrol, to N700.00.

IPMAN made the clarification in response to speculations and concerns that foreign exchange unification could spike importation price of petrol.

A media outlet (not The ICIR) had reported that the pump price of petrol could rise above N700 per litre in Northern Nigeria starting from July.

Reacting to the development, IPMAN urged Nigerians not to engage in panic buying as the the price of petrol would not be more that what is being sold presently nationwide.

Chairman of IPMAN South-West Zone, Dele Tajudeen, who dismissed reports of the planned hike in petrol pump price in Ibadan on June 30, noted that the slight hike in the price of the commodity was due to transportation cost.

He stressed that Nigerians should be at rest as the commodity will not be out of reach of 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.”

He further said that the price from NNPC retail limited, which is an integral part of NNPC limited, have more advantages than other independent and major 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 foreign exchange is N700 or N800 that has nothing to take the price of petroleum from N500 to N700,” 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.

”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 differential in prices.”

He further said that members have the luxury of sourcing their products from private depots besides NNPCLtd depots.

”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 own 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,” Tajudeen added.

    Tajudeen also said IPMAN is in total support of the removal of petrol subsidy by President Bola Tinubu.

    “Even in the Petroleum Industry Act, 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.”

    Harrison Edeh is a journalist with the International Centre for Investigative Reporting, always determined to drive advocacy for good governance through holding public officials and businesses accountable.

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