Nigeria Marketers Deny Alleged Plan to Raise Petrol Prices to N700

 By: News Peddlers 

Fuel pump 

The Independent Petroleum Marketers Association of Nigeria (IPMAN) has denied reports that it intends to raise the national pump price of petrol to N700 per litre.

This comes as a coalition of Civil Society Organisations (CSOs) said it would oppose IPMAN's alleged plan to raise petrol prices.

Dele Tajudeen, Chairman of IPMAN's South-West Zone, spoke in Ibadan over the weekend.

Tajudeen stated that the product's price would not be higher than what it is currently selling for.

"Even in the PIA bill, it has been clearly stated that the subsidy must be removed,” he said.

“So, I want to commend the president for removing the subsidy and I want to say that we are totally in support. This is because the subsidy was a scam.”

The association’s South-west chair urged Nigerians to be at rest as the commodity would not be out of reach for the masses.

“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,” Tajudeen said.

“So, people should be rest assured that there is no way they can buy petrol more than the price it is being sold now.

“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 [and] they have 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 way the price can go to N700 as we speak, because even if the foreign exchange (FX) is N700 or N800 that has nothing to take the price of petroleum from N500 to N700.”

Tajudeen stated that the product has been deregulated, noting that the slight increase and differentials in pump prices are due to the cost of transportation, which varies depending on location.

"If you are moving products within Lagos, the cost may not exceed N300,000, but if you are moving up to Ibadan or nearby, the cost may exceed N500,000," the IPMAN chair explained.

"And if you're going to Ilorin, it could be as much as N700,000, which would explain the price difference."

 "I want to state unequivocally that no one should sell more than N515 to N520 per litre within the Lagos metropolis as of today."

"While NNPC has provided us with a price, the reality is that we buy from the market; because NNPC Limited is not the only source for our product, we obtain it from private depots."

 "So whatever we buy is what we sell on our own margin.

"However, as of today, the highest you should be able to get anywhere should be around N550; Lagos, N510 per litre, and Ogun state, between N500 and N520."

As a result, Tajudeen urged Nigerians to disregard speculation and avoid panic buying.

Meanwhile, a coalition of CSOs has stated that it will oppose planned increases in petroleum prices allegedly being worked on by IPMAN.

On behalf of others, the CSOs issued a statement in Abuja signed by the Convener, Dr Basil Musa, and Co-Convener, Malam Haruna Maigida.

Officials from the Oil and Gas Transparency and Advocacy Group, the Civil Society Coalition for Economic Development (CED), the Centre for Citizens Rights, the Centre for Good Governance Advocacy, and Action Against Corruption in Nigeria were among those who signed the statement.

According to the CSOs, information reaching them indicated that IPMAN planned to raise petrol prices to N700 per litre, a move they vowed to oppose by picketing IPMAN members' filling stations across the country.

They accused the IPMAN of inflicting pain on ordinary Nigerians by unilaterally adjusting petroleum prices.

They condemned the planned increase and urged the federal government to stop IPMAN's alleged profiteering at the expense of ordinary Nigerians.

[Arise News]