The Independent Petroleum Marketers Association of Nigeria (IPMAN) has dismissed rumors of an imminent nationwide hike in the pump price of Premium Motor Spirit (PMS) to ₦700 per litre. According to Alhaji Dele Tajudeen, the Chairman of IPMAN Southwest Zone, the association has no such plans.
In an interview with the News Agency of Nigeria in Ibadan on Friday, Alhaji Dele Tajudeen, Chairman of IPMAN Southwest Zone made a statement denying the allegations.
Addressing the situation, the chairman urged Nigerians not to give credence to the rumors and refrain from panic buying. He reiterated that the current price of the product would not surpass its current rate, ensuring that there is no cause for alarm.
He applauded President Bola Tinubu for taking the step to eliminate the subsidy on petrol, stressing that it was a long-awaited and commendable decision.
‘Even in PIA bill, it has been clearly stated that the subsidy must be removed,’
‘So, I want to commend him for removing the subsidy and I want to say that we are in support totally. This is because the subsidy was a scam.’
He clarified that the slight rise in the pump price was primarily due to transportation expenses. Reassuring Nigerians, he emphasised that the commodity would not become unaffordable for the general population, urging them to stay calm and not worry.
‘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.’
Read also: IPMAN Reveals Real Reason Behind Current Fuel Scarcity
‘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 it is not a reality. Nothing like that I want to assure the masses.’
‘There is no how the price can go to ₦700 as we speak, because even if the FX is ₦700 or ₦800 that has not nothing to take the price of petroleum from N500 to ₦700,’ Tajudeen noted.
Taking into account the deregulation of the product, he said that the variation in prices was a result of transportation costs, which differ based on the geographical area.
‘If you are moving products within Lagos the price may not be more than ₦300,000 but if you are moving up to Ibadan or there about it could be as much as ₦500,000.’
‘And if you are going to Ilorin, it could be as high as ₦700,000 which would account for the differential in prices.’
‘I want to say with all sense of authority that as of today within Lagos metropolis nobody should sell more than ₦515 to ₦520 per litre.’
‘Though NNPC has given us the price but the reality of it is that what we buy from the market; because NNPC limited is not the only source for our product, we get from private depots.’
‘So, whatever we buy is what we put our own margin and sell.’
‘But as of today, the highest you can get anywhere should be around ₦550; Lagos ₦510 per litre; Ogun State between ₦500 and ₦520,’ Tajudeen said.
In response to the alleged planned increase in the pump price of petrol, a coalition of Civil Society Organisations (CSOs) declared their determination to resist the move.
Their position was expressed in a statement jointly signed by Dr. Basil Musa, the Convener, and Malam Haruna Maigida, the Co-Convener, on behalf of the coalition, in Abuja.
The coalition of Civil Society Organisations (CSOs) outlined their strategy to combat the proposed increase in petrol prices by picketing IPMAN members’ filling stations throughout the country.
The coalition of Civil Society Organisations (CSOs) leveled accusations against IPMAN, likening their operations to a parallel government and condemning their independent decisions to adjust petroleum prices, which they claim inflict suffering on ordinary Nigerians.
The coalition of Civil Society Organisations (CSOs) strongly objected to the planned increment, deeming it unacceptable, and called upon the Federal Government to take necessary measures to halt IPMAN’s alleged profiteering, which they argued unfairly affects ordinary Nigerians.
Describing the planned move as economic sabotage, the coalition of Civil Society Organisations (CSOs) highlighted the timing, stating that it worsens the ‘price shock’ that Nigerians are currently facing following the previous increment on May 29.