The Independent Petroleum Marketers Association of Nigeria (IPMAN) Debunks Rumors of Petrol Price Hike To 700

The Independent Petroleum Marketers Association of Nigeria (IPMAN) Debunks Rumors of Petrol Price Hike To 700

The Independent Petroleum Marketers Association of Nigeria (IPMAN) has recently addressed concerns and potential misinformation surrounding the rumored increment of petrol pump prices to N700 per litre nationwide. Contrary to these rumors, IPMAN has reiterated that there are no current plans to increase the petrol pump price. This clarifying statement was made by Alhaji Dele Tajudeen, the Chairman of IPMAN Southwest Zone, during an interview with the News Agency of Nigeria in Ibadan on Friday.

Tajudeen has strongly urged the Nigerian population to disregard such speculations that have led to panic buying among consumers. Emphasizing on the point, he assured that there is no impending price hike, stating that the cost of Premium Motor Spirit (PMS), popularly known as petrol, will not exceed its current price.

During the interview, Tajudeen expressed appreciation to President Bola Tinubu for his decision to remove the petrol subsidy, a move he referred to as long overdue. The chairman highlighted the relevance of this removal as embedded in the PIA bill, describing the previously existing subsidy as a “scam”.

The Independent Petroleum Marketers Association of Nigeria chairman explained that the slight increase in the pump price was primarily attributed to transportation costs. However, he reassured Nigerians that the product would remain within reach for the masses, eliminating the need for panic or alarm.

Debunking the alleged price increase to N700, Tajudeen said, “If we consider the price from NNPC retail limited, which is an essential component of NNPC limited, they have more advantages than independent marketers and major marketers. Hence, the speculated price increase is a mere paper claim, devoid of reality.”

He also pointed out that petrol has been deregulated and the differential in prices is mainly due to transportation costs related to location. To further clarify, he gave instances where moving products within Lagos would be significantly cheaper than transporting them to farther locations like Ibadan or Ilorin.

The chairman reassured Nigerians of IPMAN’s commitment to ensuring petrol price stability. He affirmed that they acquire petrol from multiple sources, including private depots, and the prices at which the product is purchased largely determine the selling price.

In light of these speculations and growing concerns, a coalition of Civil Society Organisations (CSOs) has declared their resolve to resist any unjustified price hike in petrol. They have accused IPMAN of trying to run a parallel government and inflicting economic pains on ordinary Nigerians with their alleged unilateral adjustment of petroleum price. The CSOs referred to the rumored increment as unacceptable and urged the Federal Government to prevent IPMAN from making excessive profits at the expense of the average Nigerian.

Amid these intense debates, the role and stance of the Independent Petroleum Marketers Association of Nigeria (IPMAN) are of immense importance. As the speculation continues to swirl, IPMAN’s strong denial of these rumors provides a sense of relief and stability for Nigerian petrol consumers, reinforcing the association’s commitment to serving the nation’s energy needs responsibly.

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