IPMAN Refutes Rumours of Petrol Price Increase to N700 per litre

IPMAN, petrol price, PMS, N700 per litre, Nigeria

The Independent Petroleum Marketers Association of Nigeria (IPMAN) has refuted rumours of plans to increase the pump price of Premium Motor Spirit (PMS), commonly known as petrol, to N700 per litre nationwide. The Chairman of IPMAN South-west Zone, Dele Tajudeen, has asked Nigerians not to engage in panic buying and disregard the rumours.

Tajudeen explained that the current price differential is due to transportation costs related to location, and the highest price for petrol should be around N550 per litre. He emphasized that the product had been deregulated, and the price differential was not due to any plan to increase the price to N700 per litre.

The association has assured Nigerians that they are in control, and there is no cause for alarm. Tajudeen stated that the retail price announced by NNPC retail limited, which is an integral part of NNPC limited, has more advantages than independent marketers and major marketers. Therefore, it was the retail price that was announced, and they had never given a specific price to the independent marketers.

In conclusion, IPMAN has advised Nigerians to ignore the rumours of a petrol price increase to N700 per litre and not engage in panic buying. The association has assured the public that there is no way they can buy petrol more than the price it is being sold now.