IPMAN dismisses rumors of N700 per litre petrol price hike nationwide

The Independent Petroleum Marketers Association of Nigeria (IPMAN) has categorically denied any intentions of increasing the pump price of Premium Motor Spirit (PMS), commonly known as petrol, to N700 per litre across the country.

The Chairman of IPMAN Southwest Zone, Dele Tajudeen, clarified the association’s position in an interview in Ibadan on Friday.

Tajudeen urged Nigerians to disregard the circulating rumors and advised against panic buying. He reassured the public that the price of petrol would not exceed its current rate.

“As we speak, there is no way the price can go to N700. Even if the FX rate is N700 or N800, that would not justify raising the petroleum price from N500 to N700,” Tajudeen emphasized.

He expressed appreciation to President Bola Tinubu for eliminating the subsidy on petrol, stating that such a move had been overdue.

According to Tajudeen, the slight increase in the pump price was attributed to transportation costs, but he reassured the masses that the commodity would remain affordable.

However, a coalition of Civil Society Organisations (CSOs) has expressed their firm determination to resist any alleged planned increase in the pump price of petrol.