Don’t panic buy. No plans to increase petrol pump price to N700 per litre- IPMAN tells Nigerians

The Independent Petroleum Marketers Association of Nigeria (IPMAN) has refuted claims that its members are planning to raise the nationwide pump price of petrol, also known as Premium Motor Spirit (PMS), to N700 per litre.

In an interview with the News Agency of Nigeria (NAN), Dele Tajudeen, the Chairman of IPMAN South-west Zone, reassured Nigerians that there is no need to engage in panic buying or pay attention to the rumors.

Tajudeen emphasized that there is no cause for alarm as they are in control of the situation. He explained that the price of petrol is determined by NNPC retail limited, which has more advantages than independent marketers and major marketers. The retail price set by NNPC has not specified a specific price for independent marketers.

Tajudeen dismissed the speculation and assured the public that the price will not increase to N700 as suggested by some. He stated that even if the foreign exchange rate reaches N700 or N800, it would not affect the current price of petrol, which is N500.

The product’s deregulation led to a price difference, which was influenced by transportation costs based on location. For instance, when transporting products within Lagos, the price should not exceed N300,000. However,

if the destination is Ibadan or nearby areas, the price could increase to N500,000. Similarly, if the product is being transported to Ilorin, the price might reach as high as N700,000. These variations in prices can be attributed to the different locations. It is important to note that, currently, within the Lagos metropolis, selling prices should not exceed N515 to N520 per litre.