No plans to raise the price of petrol by N700 per litre – 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.
Alhaji Dele Tajudeen, Chairman of IPMAN Southwest Zone, stated this in an interview with the News Agency of Nigeria (NAN) in Ibadan on Friday.
Tajudeen emphasised that the product’s pricing will not be more than what is currently being sold.
He praised President Bola Tinubu for eliminating the petrol subsidy, saying it was long overdue.
Read More:
“Even in PIA bill, it has been clearly stated that the subsidy must be removed,
”So, I want to commend him for removing the subsidy and I want to say that we are in support totally. This is because the subsidy was a scam.”
He explained that the modest increase in pump price was due to transportation costs and that Nigerians should not be concerned since the product will not be out of reach for the majority.
“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.
“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.
”So, it was the retail price that they announced they had never given a specific price to the independent marketers.
“However, I have read what somebody put into the paper, it is just speculation it is not a reality. Nothing like that I want to assure the masses.
“” There is no how the price can go to N700 as we speak, because even if the FX is N700 or N800 that has not nothing to take the price of petroleum from N500 to N700,” Tajudeen said.
He mentioned that the product had been deregulated, thus the price difference was due to transportation, which is tied to geography.
”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 there about it could be as much as N500,000.
”And if you are going to Ilorin, it could be as high as N700,000 that would account for differential in prices.
“I want to say with all sense of authority that as of today within Lagos metropolis nobody should sell more than N515 to N520 per litre.
”Though NNPC has given us the price but the reality of it is that what we buy from the market; because NNPC limited is not the only source for our product, we get from private depots.
“So, whatever we buy is what we put our own margin and sell.
”But as of today, the highest you can get anywhere should be around N550; Lagos N510 per litre; Ogun State between N500 and N520,” Tajudeen said.
Meanwhile, a coalition of Civil Society Organisations (CSOs) has pledged to oppose the purported planned hike in petrol pump prices.
On behalf of others, they issued a statement in Abuja signed by the Convener, Dr Basil Musa, and Co-Convener, Malam Haruna Maigida.
They planned to fight back by picketing IPMAN fueling stations around the country.
They accused the IPMAN of establishing a parallel administration and inflicting misery on ordinary Nigerians through unilateral changes in petroleum prices.
They condemned the anticipated increase and urged the Federal Government to cease IPMAN’s alleged profiteering at the expense of regular Nigerians.
The CSOs described the action as economic sabotage, coming at a time when Nigerians are still attempting to recover from the “price shock” caused by the May 29 increase.
ADVERTISEMENT