N700 per litre: Independent petroleum marketers speak on another petrol price hi…

• Independent Petroleum Marketers Association of Nigeria (IPMAN) has dismissed reports that pump price of petrol will further increase.
• An executive of the association stated this in an interview following the widely reported claim.
• He assured Nigerians that the current selling price of the product would not be exceeded.

The Independent Petroleum Marketers Association of Nigeria (IPMAN) has refuted claims regarding their purported intention to raise the nationwide pump price of petrol to N700 per litre.

This was disclosed by Alhaji Dele Tajudeen, The Chairman of IPMAN Southwest Zone, while speaking with the News Agency of Nigeria (NAN) in Ibadan, Oyo State.

It would be recalled that in an earlier report, IPMAN’s National Controller, Mike Osatuyi, had announced that Nigerians should expect the pump price of petrol to rise above N700 per litre, particularly in the Northern region starting from July.

Read also

Nigerian bank doles out N90 million to fight poverty, cushion biting inflation

Countering Osatuyi’s announcement of a new hike in petrol prices, Tajudeen advised Nigerians to dismiss the rumours and refrain from participating in panic buying.

While commending President Bola Tinubu for removing the subsidy on petrol, Tajudeen emphasized that the current selling price of the product would not be exceeded.

He clarified that the marginal rise in the pump price was attributed to transportation expenses, assuring Nigerians that the commodity would remain affordable and accessible to the general public.

He said:

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 how the price can go to N700 as we speak, because even if the FX is N700 or N800 that has not nothing to take the price of petroleum from N500 to N700.

Read also

“Open importation to all depots owners”: Oil marketers tell federal government after fuel subsidy removal

The reports of another price increase has however caused a lot of stir amongst Nigerians who lament the hardship the current prices have caused individuals, families and businesses.

Oluwakemi Anjorin, a clerk at the Oshodi-Isolo Local Government Council told Legit.ng that since the removal of fuel subsidy and increase in pump price of petrol, she has had to spend more on transportation and food.

She said:

Since last month, transportation to and fro work cost me three times what I used to spend before because fuel prices have increased. As a result, food prices have also increased. All this is happening at the same time, but no salary increases.

Petrol marketers to roll out cheap alternative fuel at N100 per litre

In the near future, motorists and transport operators in Nigeria can expect relief as the petrol subsidy, which led to an increase in the product’s price nationwide, is set to be lifted by the government, Legit.ng reports.

Read also

Should President Tinubu sustain having ministries for particular regions? Lawyers speak

According to Chinedu Okoronkwo, the national president of the Independent Petroleum Marketers Association of Nigeria (IPMAN), the association is now 90% prepared to introduce Compressed Natural Gas (CNG) as an alternative fuel.

He disclosed that CNG would be available for sale at a price range of N100 to N110 per litre before the end of June.

During an interview, the IPMAN president emphasized that Compressed Natural Gas (CNG) is poised to function as a viable alternative to petrol.

He elaborated on how CNG would contribute to lowering Nigeria’s energy consumption expenses.

Source: Legit.ng