The Independent Petroleum Marketers Association of Nigeria (IPMAN) says there is no plan by the association to increase the pump price of Premium Motor Spirit (PMS), also known as petrol, to N700 per litre nationwide as widely reported.

The Chairman of IPMAN South-west Zone, Dele Tajudeen, disclosed this in an interview with the News Agency of Nigeria (NAN) in Ibadan on Friday.

He called on Nigerians to disregard the unsubstantiated rumours while urging the public not to engage in panic buying.

Mr Tajudeen hinted that the price of petrol would be less than what is being sold presently in a matter of time.

The IPMAN top brass praised president Bola Ahmed Tinubu-led administration for halting payment of subsidy on fuel while stressing that it was long overdue.

“Even in the 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.”

“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 and 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,” Mr Tajudeen said.

He mentioned that the product was no longer regulated. As a result, the price difference was caused by transportation, which is due to the location where the product is coming from.

”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 thereabout, 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 the 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,” Mr Tajudeen concluded.