IPMAN Refutes Rising Petrol Price Claims in Nigeria

IPMAN quashes rumors of a steep petrol price rise to N700 per litre, reassuring Nigerians that fuel will remain affordable despite minor cost fluctuations.

In recent news, the Independent Petroleum Marketers Association of Nigeria (IPMAN) has dispelled rumors circulating about an imminent spike in petrol prices nationwide, potentially up to N700 per litre.

No Intention for Extreme Price Hike

IPMAN’s Southwest Zone Chairman, Alhaji Dele Tajudeen, has emphatically confirmed that there is no intention for the petrol price to soar above its current retail price.

Despite minor increases in the pump price, attributed to transportation costs, Tajudeen reassured Nigerians that petrol would continue to be affordable for all.

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Current Price to Persist

The Chairman took the opportunity to quash any apprehensions caused by the unfounded reports of the price hike, urging Nigerians to maintain trust in the current selling price.

According to him, the maximum price per litre in Lagos should be around N550.

Debunking the Rumors

In a bid to quell the spread of fake news, Tajudeen reemphasized that the price of petrol would remain as it currently stands.

He lauded President Bola Tinubu for the abolition of the petrol subsidy, which he said was long overdue.

According to him, the removal of the subsidy was clearly articulated in the PIA bill, marking it as a positive step forward in the industry.

Reasons for the Slight Price Alteration

Tajudeen addressed the reasons behind the recent slight increase in the pump price.

He clarified that the price shift was a direct consequence of heightened transportation costs.

Nevertheless, he urged the populace not to panic, reassuring them that petrol will not become inaccessible for the average citizen.

No Price Surge to N700

He went on to assure Nigerians that the price wouldn’t spike to N700 per litre.

Even considering foreign exchange rates of N700 or N800, he emphasized that it still wouldn’t warrant a leap from the current petrol price of N500 to N700.

The Impact of Deregulation and Transportation Costs

The IPMAN chief shed light on the differential in prices, explaining that the deregulation of the product and transportation expenses correlated with location were the main factors.

He expounded that transportation within Lagos would not cost more than N300,000, whereas transportation to further locations such as Ibadan or Ilorin could inflate the price to as much as N500,000 or N700,000, respectively.

Price Limit within Lagos

Tajudeen asserted that the highest selling price within Lagos metropolis should not surpass N515 to N520 per litre, irrespective of NNPC’s given price.

He clarified that IPMAN procures petrol not only from NNPC Limited but also from private depots, which can affect the selling price.

Nonetheless, he firmly stated that the maximum price should not exceed N550 per litre, regardless of the location.

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Is there any plan by IPMAN to increase the petrol price to N700 per litre?

No, IPMAN has denied such reports and confirmed the price won’t rise above the current selling price.

What is the reason for the slight increase in the pump price?

The slight increase in pump price is attributed to transportation costs.

What is the maximum petrol price per litre within Lagos?

According to IPMAN’s Southwest Zone Chairman, the price should not exceed N550 per litre.

Did IPMAN support the removal of the petrol subsidy?

Yes, IPMAN expressed total support for the removal of the subsidy, terming it a scam.

How does transportation cost affect the price of petrol?

Transportation cost affects the price of petrol because the cost of moving the product to different locations varies, causing a differential in prices.

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