Buy calmly. IPMAN assures Nigerians it will not raise petrol prices to N700 per litre.

Don’t panic buy. IPMAN assures Nigerians that there are no current intentions to raise the price of gasoline at the pump to N700 per liter.

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According to reports, members of the Independent Petroleum Marketers Association of Nigeria (IPMAN) have allegedly concluded plans to raise the pump price of Premium Motor Spirit (PMS), popularly known as gasoline, to N700 per liter across the country. The Independent Petroleum Marketers Association of Nigeria (IPMAN) has disputed these accusations.

This information was provided by Dele Tajudeen, the Chairman of IPMAN South-west Zone, during an interview that took place on Friday, June 30 in Ibadan with the News Agency of Nigeria (NAN).

Tajudeen pleaded with Nigerians not to indulge in panic purchasing and urged them to avoid the misinformation in his statement.

"I want to disabuse the minds of the people that they should not freak out about it, there is no reason to be alarmed, we are in control, and there is nothing like that," she said. "I want to disabuse the minds of the people that they should not panic about it." People may rest easy knowing that there is no way for them to get gasoline for a price that is higher than the price at which it is already being supplied. If we take a look at the pricing structure of NNPC retail limited, which is an essential component of NNPC limited, we can see that they have a greater number of benefits than both major and independent marketers. In other words, they were referring to the retail price when they stated that they had never provided the independent marketers with a definitive pricing. On the other hand, I have read what somebody else contributed to the publication, and it is merely supposition rather than a fact. Nothing even close to that. I wish to give everyone my word of assurance.

"There is no way the price can go to N700 as we speak because even if the FX is N700 or N800, that has not anything to take the price of petroleum from N500 to N700," Tajudeen said. 'There is no way the price can go to N700 as we speak because even if the FX is N700 or N800, that has not something to take the price

He mentioned that there were no longer any restrictions on the product. Therefore, the difference in cost was caused by transportation, which is connected to location in some way.

"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 thereabouts, it could be as much as N500,000. If you are moving internationally, the price may vary." And if you are traveling to Ilorin, it might be as high as N700,000; this would explain why there is such a difference in price between the two cities. To the best of my knowledge, as of right now, nobody should charge more than N515 to N520 for a liter of gas anywhere inside the greater Lagos metropolitan area. I say this with complete conviction.

Even though NNPC has provided us with the pricing, the fact of the matter is that what we acquire from the market comes from private depots. This is due to the fact that NNPC limited is not the only source for the commodity that we sell. Therefore, whatever we buy is what becomes the basis of our profit margin and what we sell.

But as of today, the most expensive you should be able to obtain anyplace should be approximately N550 per litre; Lagos should have N510; and Ogun State should have between N500 and N520, according to Tajudeen.

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