No Plans to Increase Petrol Pump Price to N700 per Litre – IPMAN

The Independent Petroleum Marketers Association of Nigeria (IPMAN) has denied rumors of an imminent increase in the pump price of Premium Motor Spirit (PMS), commonly known as petrol, to N700 per litre nationwide.

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

Addressing the public, Tajudeen stated, “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 clarified that the prices announced by the NNPC retail limited, which has advantages over independent and major marketers, were not specific to independent marketers.

Tajudeen emphasized that the speculations circulating in the media were baseless and assured the masses that the price would not reach N700 per litre.

Tajudeen further explained that the price differential was due to transportation costs, varying with different locations. Within Lagos metropolis, the price should not exceed N515 to N520 per litre, while in Ogun State, it would range from N500 to N520. While the NNPC sets a price, independent marketers source their products from various suppliers, including private depots, and adjust their selling prices accordingly.

Kanyi Daily advises the public to remain calm and disregard the rumors, as IPMAN has affirmed that the current petrol prices remain unchanged. Stay connected for further updates on this developing story.