• Privacy Policy
  • Terms
  • About us
  • Contact Us
  • Staff Email
Saturday, June 7, 2025
  • Login
TheMattersPress
  • Home
  • News
  • Features
  • Thematterspress
  • Multimedia
    • Audio
    • Photo
    • Video
  • About us
  • Contact Us
No Result
View All Result
  • Home
  • News
  • Features
  • Thematterspress
  • Multimedia
    • Audio
    • Photo
    • Video
  • About us
  • Contact Us
No Result
View All Result
TheMattersPress
No Result
View All Result
Home Economy/Technology

IPMAN debunks fixing petrol price at N700 per litre

IPMAN

The Matters Press by The Matters Press
July 1, 2023
Reading Time: 3 mins read
0
IPMAN, NUPENG tango over illegal increase in petrol price

Ibadan, July 1, 2023: The Independent Petroleum Marketers Association of Nigeria (IPMAN) has denied the alleged plan by the association to increase pump price of Premium Motor Spirit (PMS) also known as petrol to N700 per litre nationwide.

RELATED POSTS

Nigeria’s 3MTT gets boost as EU, World Bank back initiative

PDP incubated insecurity in Nigeria, but Tinubu on top of the situation – TDF

FCT ground rent!: Check your name if you own property

The Chairman of IPMAN Southwest Zone, Alhaji Dele Tajudeen, in Ibadan on Friday and urged Nigerians to disregard the speculation and not to engage in panic buying.

Tajudeen stressed that the price of the product would not be more that what is being sold presently.

He commended President Bola Tinubu for removing the subsidy on petrol adding that it was long overdue.

“Even in PIA bill, it has been clearly stated that the subsidy must be removed,

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

He said the slight increase in pump price was because of the transportation cost and that Nigerians should be at rest as the commodity will 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.

“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 they had 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 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,” Tajudeen said.

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

”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.

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

“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.

”Though NNPC has given us the price but the reality of it is that what we buy from the market; because NNPC limited is not the only source for our product, we get from private depots.

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

”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.

Meanwhile, a coalition of Civil Society Organisations (CSOs) had vowed to resist the alleged planned increase in pump price of petrol

They made their position known in a statement jointly signed by the Convener, Dr Basil Musa; and Co-Convener, Malam Haruna Maigida, in Abuja on behalf of others.

They vowed to resist by picketing IPMAN members’ filling stations across the country.

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

They described the planned increment as unacceptable and called on the Federal Government to stop IPMAN from its alleged profiteering at the expense of ordinary Nigerians.

The CSOs said the move was an economic sabotage, coming at a time Nigerians are still trying to come out of the “price shock”, occasioned by the increment on May 29.

Tags: IPMANPetrol
ShareTweetPin
The Matters Press

The Matters Press

Related Posts

World Bank predicts 4% global economic growth, 1.1% for Nigeria in 2021
Economy/Technology

Nigeria’s 3MTT gets boost as EU, World Bank back initiative

June 6, 2025
Energy

PDP incubated insecurity in Nigeria, but Tinubu on top of the situation – TDF

June 4, 2025
Property owners besiege FCT office to pay ground rent
Economy/Technology

FCT ground rent!: Check your name if you own property

June 3, 2025
News

Cracking the Code with Africa’s Creators: Woof Studios Makes History at Cannes Lions 2025 CANNES,

June 3, 2025
Economic implications of Niger coup to Nigeria, ECOWAS
Economy/Technology

IMPI urges media to consider national interest in reporting security challenges

June 3, 2025
Tinubu steering Nigeria away from Venezuela-like tragedy – IMPI
News

Malami’s opposition to Tinubu’s endorsement self-indicting – TDF

June 3, 2025
Next Post
Protesting workers block Ekweremadu from Senate chamber

Kano state denies sacking any worker

“Naira-4-Dollar” getting results

Naira drops, exchanges at N769.25 to dollar

Recommended Stories

IPMAN, NUPENG tango over illegal increase in petrol price

IPMAN supports clamp down on illegal refineries

April 30, 2022
Revealed: Reals reason UK shut Nigerian-owned Church

Revealed: Reals reason UK shut Nigerian-owned Church

June 18, 2022
Inside EU battle for resource-rich eastern Africa

Inside EU battle for resource-rich eastern Africa

July 9, 2023

Popular Stories

  • Rising prices of goods cause protests in Morocco

    Rising prices of goods cause protests in Morocco

    0 shares
    Share 0 Tweet 0
  • NLNG not responsible for gas supply shortfall, price hike

    0 shares
    Share 0 Tweet 0
  • NCC sets fresh operational fees, spectrum prices for telecom operators

    0 shares
    Share 0 Tweet 0
  • Hoarding causes hike in prices of grains

    0 shares
    Share 0 Tweet 0
  • Prices of Petrol, diesel increase in November

    0 shares
    Share 0 Tweet 0
TheMattersPress

We bring you the best news update in Nigeria

LEARN MORE »

Recent Posts

  • Nigeria’s 3MTT gets boost as EU, World Bank back initiative
  • PDP incubated insecurity in Nigeria, but Tinubu on top of the situation – TDF
  • FCT ground rent!: Check your name if you own property

Categories

  • Agriculture
  • Economy/Technology
  • Energy
  • Entertainment/sports
  • Features
  • Foreign
  • Multimedia
  • Natural Resources
  • News
  • Oil and Gas
  • Photo
  • Politics
  • Security
  • Thematterspress
  • Uncategorized
  • Video

© 2025 Domo Tech World - Powered by Thematterspress.

No Result
View All Result
  • Home
  • News
  • Features
  • Thematterspress
  • Multimedia
    • Audio
    • Photo
    • Video
  • About us
  • Contact Us

© 2025 Domo Tech World - Powered by Thematterspress.

Welcome Back!

Login to your account below

Forgotten Password?

Retrieve your password

Please enter your username or email address to reset your password.

Log In
Call Us