IPMAN plan to increase petrol #500 to #700 per litre - The People's Voice


Saturday, July 1, 2023

IPMAN plan to increase petrol #500 to #700 per litre

By Our Correspondent

The Independent Petroleum Marketers Association of Nigeria, IPMAN, on Friday thrashed the alleged plan by the association to increase pump price of petrol to 700 naira nationwide.

The Southwest zonal Chairman of the association, Alhaji Dele Tajudeen, dismissed the allegations during an interview with the News Agency of Nigeria, NAN, in Ibadan.

He, therefore, urged Nigerians to disregard the speculation and not to engage in panic buying.

The chairman also stressed that the price of the product would not exceed what is being charged presently.

He applauded President Bola Tinubu for removing the subsidy on petrol, noting that it was long overdue.

“I want to say that we are in support totally. This is because the subsidy was a scam,” he declared.

Tajudeen further noted that the slight increase in pump price was because of the transportation cost, and that Nigerians should be at rest that the commodity will not be out of reach for their use.

The chairman also also unveiled the dynamics of the variations in pump prices across the country.

“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,” he explained.

”So, it was the retail price that they (NNPC) announced, they had never given a specific price to the independent marketers.

”The reality of it is what we buy from the market; because NNPC limited is not the only source for our product, we (also) get from private depots.

“So, whatever we buy is what we put our own margin and sell,” he added.

“There is no how the price can go to N700 as we speak, because even if the FX is N700 or N800 that has nothing to take the price of petroleum from N500 to N700,” the chairman argued, adding that the product had been deregulated.

”If you are moving products within Lagos the price may not be more than N300,000 but if you are moving up to Ibadan or there about it could be as much as N500,000,” he said, pointing out the differentials in transportation costs.

“And if you are going to Ilorin, it could be as high as N700,000 (and) that would account for differential in prices,” he explained.

“I want to say with all sense of authority that as of today within Lagos metropolis nobody should sell more than N515 to N520 per litre.

”But as of today, the highest you can get anywhere should be around N550; Lagos N510 per litre; Ogun State between N500 and N520,” Tajudeen said.

Already, a coalition of Civil Society Organisations had vowed to resist the alleged planned increase in pump price of the product.

Their position was revealed in a statement jointly signed by the Convener, Dr Basil Musa; and Co-Convener, Malam Haruna Maigida, in Abuja on behalf of others.

They assured to resist any increment and threatened to picket IPMAN members’ filling stations across the country.

The group accused IPMAN of running a parallel government and inflicting pains on ordinary Nigerians by their unilateral adjustment of price of petroleum.

The coalition also described the planned increment as unacceptable and called on the Federal Government to stop the association from its alleged profiteering at the expense of ordinary Nigerians.

It further noted that the move was an economic sabotage, coming at a time Nigerians are still trying to cope with the “price shock”, occasioned by the sudden increment arisen from the announcement of subsidy removal on May 29.

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