The Independent Petroleum Marketers Association of Nigeria, IPMAN has denied rumours suggesting an increase in the pump price of petrol, to N700 per litre.

Dele Tajudeen, the chairman of IPMAN’s southwest zone, in an interview with NAN in Ibadan on Friday, 28th June 2023, said the price of petrol would not exceed its current rate, contradicting the speculation circulating in the media.

Dele Tajudeen, Chairman IPMAN’ Southwest Zone

He further commended the removal of the subsidy on petrol, saying;

The subsidy was nothing more than a fraudulent scam.

Dele Tajudeen, Chairman IPMAN’ Southwest Zone

Tajudeen emphasised that petrol would remain affordable and accessible. “There is no way petrol prices will exceed the current selling price,” he added.

There is no how the price can go to N700 as we speak because even if the FX is N700 or N800, this cannot take the price of petroleum from N500 to N700,” Mr Tajudeen said.

He noted that the product had been deregulated, hence, the price differential was due to transportation as it is related to location.

Story: Christy Dung