The Independent Petroleum Marketers Association of Nigeria (IPMAN) has refuted the association’s purported proposal to raise the pump price of Premium Motor Spirit (PMS), better known as petrol, to N700 per litre across the country.

According to reports, fuel marketers rejected the rumors and encouraged Nigerians not to worry when purchasing fuel, saying that the price of petrol will not be more than what is now being offered nationally.

While speaking on the matter in Ibadan, Oyo State on Friday, the Chairman of IPMAN Southwest Zone, Alhaji Dele Tajudeen, clarified that the slight increase in pump price was due to transportation costs and that Nigerians should be at ease because the commodity will not be out of reach for the masses.

“I want to disabuse people’s minds that they should not panic; there is no cause for concern, we are in control, and there is nothing like that.”

“As a result, people should feel confident that they will not be able to purchase gasoline for more than the current price.”

“When we look at the price from NNPC retail limited, which is a subsidiary of NNPC limited, they have a price advantage over independent and major marketers.”

“It was the retail price that they announced, and they had never given a specific price to the independent marketers.”

“However, I read what someone put in the paper, and it is just speculation, not reality.” I want to reassure the masses that this is not the case.

“There is no way the price can go to N700 right now because even if the FX is N700 or N800, it has nothing to do with taking the price of petroleum from N500 to N700,” Tajudeen told reporters.

“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 nearby, the price may be as much as N500,000,” Tajudeen remarked.

“And if you’re going to Ilorin, it could be as much as N700,000, which would account for the price difference.”

“I want to state unequivocally that no one should sell more than N515 to N520 per litre within the Lagos metropolis as of today.”

“Though NNPC has given us a price, the reality is that we buy from the market; because NNPC limited is not the only source for our product, we get it from private depots.”

“So, whatever we buy, we put our margin on and sell.”

“But, as of today, the highest you can get anywhere should be around N550; Lagos N510 per litre; and Ogun State between N500 and N520.”

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