Don’t worry, there are no intentions to raise the price of gasoline to N700 – IPMAN

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 NAN, the Chairman of IPMAN Southwest Zone, Dele Tajudeen, clarified the situation in an interview in Ibadan on Friday.

He asked Nigerians to ignore the speculation and avoid panic buying.

Tajudeen emphasized that the product’s pricing will not be more than what is already being sold.

He praised President Bola Tinubu for eliminating the petrol subsidy, saying it was long overdue.

“It is clearly stated in the PIA bill that the subsidy must be removed.” So, I’d want to thank him for eliminating the subsidies and express our support. It’s because the subsidy was a forgery.”

He stated that the modest increase in pump price was due to transportation costs, adding that Nigerians should not be concerned because the product will not be out of reach for the majority.

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“As a result, people should be assured 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.”

” So it was the retail price that they announced; they had never given a specific price to independent marketers.”

“However, I read what someone put in the paper, and it is just speculation, not reality.” Nothing like that, I guarantee the public.

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

Meanwhile, a coalition of Civil Society Organizations (CSOs) has pledged to oppose the purported planned increase in the price of gasoline at the pump.

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