The Independent Petroleum Marketers Association of Nigeria (IPMAN) has issued a statement denying the alleged plan to raise the pump price of Premium Motor Spirit (PMS), commonly known as petrol, to N700 per litre nationwide. In an interview with the News Agency of Nigeria (NAN), the Chairman of IPMAN Southwest Zone, Alhaji Dele Tajudeen, refuted the speculation and urged Nigerians not to engage in panic buying.
According to Tajudeen, the price of petrol will not exceed the current selling price. He expressed appreciation to President Bola Tinubu for removing the subsidy on petrol, stating that it was long overdue and emphasizing that the subsidy was a scam.
The slight increase in the pump price, according to Tajudeen, is due to transportation costs. However, he assured the public that petrol would remain affordable for the masses, urging people not to be alarmed or misled by rumors. Tajudeen clarified that the retail price announced by the NNPC Retail Limited, an integral part of NNPC Limited, does not specifically apply to independent marketers. He dismissed the claim of a potential increase to N700 per litre, stating that even if the foreign exchange rate reached N700 or N800, it would not affect the price of petrol from N500 to N700.
Tajudeen further explained that the deregulation of the product has resulted in different prices based on transportation and location. For example, within Lagos metropolis, the price should not exceed N515 to N520 per litre, while it may be around N550 for longer distances like Ibadan and as high as N700 for places like Ilorin. He highlighted that the prices from private depots and the margin set by individual marketers contribute to the final selling price.
In a separate development, a coalition of Civil Society Organisations (CSOs) has expressed their opposition to the alleged planned increase in petrol pump prices. They condemned IPMAN for what they perceived as running a parallel government and causing hardships for ordinary Nigerians through unilateral price adjustments. The CSOs declared their intention to resist the increase by picketing IPMAN members' filling stations across the country. They deemed the planned increment unacceptable and called on the Federal Government to intervene and prevent IPMAN from profiteering at the expense of the general public.
The CSOs referred to the move as economic sabotage, especially considering that Nigerians are still recovering from the price shock caused by the previous increment on May 29.
