No plans to increase fuel pump price to N700 – IPMAN

The Independent Petroleum Marketers Association of Nigeria (IPMAN) has denied the alleged plan by the association to increase the pump price of Premium Motor Spirit (PMS), also known as petrol, to N700 per litre nationwide.

Chairman of IPMAN Southwest Zone, Dele Tajudeen, who made the clarification in an interview in Ibadan on Friday, urged Nigerians to disregard the speculation and not engage in panic buying.

He commended President Bola Tinubu for removing the subsidy on petrol, adding that it was long overdue.

READ ALSO: NNPC Ltd fuel price fixing: Regulatory capacity gab in the Nigerian petroleum industry

“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.”

He said the slight increase in pump price was because of the transportation cost and that Nigerians should be at rest as the commodity will not be out of reach for the masses.

“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.

“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,” Tajudeen said.