Subside Removal: IPMAN denies plan to increase petrol price to N700 per litre

The Independent Petroleum Marketers Association of Nigeria (IPMAN) has dismissed speculations suggesting that its members are planning to raise the price of petrol to N700 per litre.

IPMAN urged Nigerians to disregard these rumors and assured them that the current nationwide price of petrol would remain unchanged.

Alhaji Dele Tajudeen, Chairman of IPMAN Southwest Zone, clarified the situation while addressing the alleged plans in Ibadan on Friday.

He explained that any slight increase in the pump price was due to transportation costs and reassured the public that petrol would remain affordable for the masses.

Tajudeen stated, “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.”

He further emphasized that the price of petrol could not reach N700 as speculated.

The fluctuations in the exchange rate would not cause such a significant increase from the current price of N500.

Tajudeen pointed out that the market was deregulated, and the differential in prices was mainly due to transportation costs based on location.

While supporting the removal of petrol subsidy, Tajudeen commended President Bola Ahmed Tinubu and emphasized that IPMAN fully endorsed the subsidy removal. He called the previous subsidy a scam.

In response to the alleged plans, a coalition of Civil Society Organizations (CSOs) expressed their opposition to the proposed increase in petrol prices. They vowed to resist by picketing IPMAN members’ filling stations nationwide.

The CSOs accused IPMAN of running a parallel government and inflicting hardships on ordinary Nigerians through unilateral price adjustments. They demanded that the Federal Government intervene to prevent IPMAN from profiteering at the expense of the public.

IPMAN’s denial of the alleged price increase aims to alleviate public concerns and maintain confidence in the stability of petrol prices.