In response to rumors circulating about a potential increase in the pump price of petrol, the Independent Petroleum Marketers Association of Nigeria (IPMAN) has categorically denied any plans to raise the price of Premium Motor Spirit (PMS) to N700 per litre nationwide. This assurance was delivered by IPMAN Southwest Zone Chairman, Dele Tajudeen, during an interview in Ibadan on Friday.
Tajudeen emphasized the importance of disregarding this speculation and urged Nigerians to refrain from panic buying. He firmly stated that the current selling price of petrol will not exceed its current rate.
Furthermore, Tajudeen expressed his commendation for President Bola Tinubu’s decision to remove the subsidy on petrol, emphasizing that this move was long overdue. According to him, the removal of the subsidy was explicitly stated in the Petroleum Industry Act (PIA) bill, reiterating their support for this action, as Tajudeen regarded the subsidy as a scam.
Addressing concerns regarding a slight increase in the pump price, Tajudeen attributed this to transportation costs. However, he reassured Nigerians that petrol would remain affordable for the masses, alleviating any potential worries about the commodity becoming unaffordable.
“I want to disabuse people’s minds that they should not panic about it; there is no cause for alarm. We are in control, and there is no way they can buy petrol at a price higher than the current selling price,” stated Tajudeen.
He further explained that the retail price announced by NNPC Retail Limited, an integral part of NNPC Limited, holds certain advantages over independent and major marketers. Therefore, the price mentioned in the news speculations cannot be regarded as a reality.
“There is no way the price can go to N700 as we speak because even if the exchange rate reaches N700 or N800, that would not be enough to raise the price of petroleum from N500 to N700,” Tajudeen affirmed.
Meanwhile, a coalition of Civil Society Organisations (CSOs) has vowed to resist any alleged plans to increase the pump price of petrol, serving as a voice for the masses.
