…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.
Advertisement
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.
Advertisement
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.
Advertisement
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.
Advertisement
Share on Facebook «||»
Share on Twitter «||»
Share on Reddit «||»
Share on LinkedIn
Read Related News On TDPel Media
Advertisement
Bola Ahmed Tinubu-led Government Assures Nigerians of Improved Power Supply Ahead of Electricity Tariff Hike
…By Larry John for TDPel Media. The Bola Ahmed Tinubu-led Federal Government in Nigeria has made a commitment to the Nigerian people regarding the improvement...
IPMAN PRO: Nigeria’s Petrol Prices Remain Lowest in Africa Despite Recent Increase
Read More On The Topic On TDPel Media Share on Facebook «||» Share on Twitter «||» Share on Reddit «||» Share on LinkedIn Read Related...
UK House Prices Remain Stable, While Rents Surge to Record Highs
I. Introduction: UK Housing Market Snapshot A recent assessment of the UK’s property landscape reveals a peculiar scenario, with house prices showing little deviation from...
Nigerians Alerted to Impending Petrol Price Hike Amid Forex Crisis
Nigerians are being informed to prepare themselves for a forthcoming adjustment in the pricing of Premium Motor Spirit, commonly known as petrol. Advertisement The rationale...
Nigerians Face 145% Price Hike for Pre-Paid Meters: Federal Government’s Decision Explained
Nigeria Witnesses 145% Price Increase for Pre-Paid Meters In a significant development, the Federal Government of Nigeria, through the Nigerian Electricity Regulatory Commission (NERC), has...
Reno Omokri Slams Critics of Fuel Price Hike, Urges Understanding of Consequences
…By Dorcas Funmi for TDPel Media. Former presidential aide Reno Omokri has expressed his disapproval of individuals who complain about the increase in fuel prices...
Adamawa Lawmaker Ditches Car for Bicycle Amid Fuel Price Hike, Stands in Solidarity with Masses
…By Dorcas Funmi for TDPel Media. Amid the public outcry over the recent increase in fuel prices, Chief Whip of Adamawa State House of Assembly,...
Nigeria Labour Congress Calls for Nationwide Strike Over Fuel Price Hike
…By Larry John for TDPel Media. The Nigeria Labour Congress (NLC) has declared its intention to initiate a nationwide strike beginning on Wednesday, June 7,...
Fuel Price Hike Threatens Downstream Oil Sector: Businesses Struggle to Stay Afloat
…By Joseph Benjamin for TDPel Media. Since President Bola Tinubu’s removal of fuel subsidy and the subsequent increase in pump prices by the Nigerian National...
Nigeria’s Federal Government Rejects Nationwide Strike by NLC over Fuel Price Hike and Living Costs
…By for TDPel Media. The Bola Ahmed Tinubu-led federal government has responded to the Nigeria Labour Congress (NLC), stating that the proposed nationwide strike in...
