Don’t be too worry, No plans to raise the price of petrol at the pump to N700 per litre, IPMAN informs Nigerians.
The Independent Petroleum Marketers Association of Nigeria (IPMAN) has refuted rumors suggesting that its members are planning to raise the price of petrol, known as Premium Motor Spirit (PMS), to N700 per litre nationwide. In an interview with the News Agency of Nigeria (NAN), Dele Tajudeen, the Chairman of IPMAN South-west Zone, assured the public that there is no cause for alarm and urged them not to engage in panic buying. He clarified that the retail price set by NNPC retail limited, which has advantages over independent and major marketers, has not specified a specific price for independent marketers. Tajudeen emphasized that the price of petrol cannot reach N700, even if the foreign exchange rate rises, as the current price is not influenced by it. He explained that the price differential is due to transportation costs depending on the distance traveled, with prices ranging from N300,000 within Lagos to as high as N700,000 for locations like Ilorin. Tajudeen asserted that within the Lagos metropolis, the maximum selling price should be around N515 to N520 per litre, while in Ogun State, it ranges from N500 to N520. He also highlighted that prices are determined by what marketers purchase from private depots, adding their own margins before selling the product. Ultimately, Tajudeen emphasized that the highest price currently should be approximately N550, with Lagos selling at N510 per litre.