IPMAN Dismisses Fuel Price Hike Rumors, Assures Nigerians of Stable Prices

IPMAN Dismisses Fuel Price Hike Rumors, Assures Nigerians of Stable Prices

…By Dorcas Funmi for TDPel Media. The Independent Petroleum Marketers Association of Nigeria (IPMAN) has responded to concerns raised by Nigerians regarding an alleged plan to raise the price of fuel across the country.

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IPMAN refuted the viral reports, assuring the public that its members were not planning to increase the price of petrol to N700 per litre.

No Cause for Panic Buying

IPMAN urged Nigerians not to engage in panic buying, emphasizing that the price of petrol would not exceed the current nationwide rate.

Speaking in Ibadan, the Chairman of IPMAN Southwest Zone, Alhaji Dele Tajudeen, explained that any slight increase in pump price was due to transportation costs.

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He assured the public that petrol would remain affordable for the masses.

Speculation and Reality

Tajudeen dismissed the reports as mere speculation and assured the public that there was no basis for concern.

He clarified that the price announced by the NNPC Retail Limited, an integral part of NNPC, did not provide a specific price for independent marketers.

The IPMAN chairman emphasized that the price of petroleum could not reach N700, even if the exchange rate reached such levels.

Deregulation and Differential in Prices

Tajudeen highlighted that the product had been deregulated, resulting in variations in prices due to transportation costs associated with different locations.

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He explained that prices could differ based on the distance covered, with prices in Lagos not exceeding N515 to N520 per litre, while in Ogun State, prices ranged between N500 and N520 per litre.

Support for Subsidy Removal

The IPMAN chairman expressed total support for the removal of the petrol subsidy by President Bola Ahmed Tinubu, as stated in the Petroleum Industry Act (PIA) bill.

Tajudeen commended the decision to remove the subsidy, referring to it as a scam.

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