The Independent Petroleum Marketers Association of Nigeria (IPMAN) has denied rumors that they plan to raise the price of petrol (Premium Motor Spirit) to N700 per liter nationwide.
The Chairman of IPMAN Southwest Zone, Alhaji Dele Tajudeen, dismissed the speculation in an interview with the News Agency of Nigeria (NAN) and urged Nigerians not to panic or engage in panic buying.
Tajudeen clarified that the price of petrol would not exceed the current selling price. He expressed support for President Bola Tinubu’s decision to remove the subsidy on petrol, stating that it was long overdue and that the subsidy was a scam.
Tajudeen attributed the slight increase in pump price to transportation costs and assured the public that petrol would remain affordable for the masses. He emphasized that the price would not reach N700 per liter as claimed by some, as the foreign exchange rate alone couldn’t justify such an increase.
He explained that price differentials were due to transportation expenses based on location. Tajudeen provided price ranges within Lagos, stating that the highest price should be around N550 per liter, with other regions having slightly lower prices. On the other hand, a coalition of Civil Society Organizations (CSOs) vowed to oppose the alleged plan to increase petrol prices, accusing IPMAN of acting like a parallel government and causing hardships for ordinary Nigerians.
They deemed the planned increment unacceptable, labeling it economic sabotage, and called on the Federal Government to intervene and prevent IPMAN from profiteering at the expense of the people.
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