No plans to increase fuel price to N700 per litre – IPMAN informs Nigerians


The Independent Petroleum Marketers Association of Nigeria (IPMAN) have denied reports to raise the national pump price of Premium Motor Spirit (PMS), popularly known as petrol, to N700 per litre.

This was disclosed by Dele Tajudeen, the chairman of IPMAN South-West Zone, in an interview with the News Agency of Nigeria (NAN) on June 30 in Ibadan.

Tajudeen encouraged Nigerians to disregard the rumours of price hike of PMS and not to engage in panic buying.

He said:

“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 and not a reality. Nothing like that. I want to assure the masses.

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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.

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