There are no immediate plans to raise the price of gasoline to N700, according to IPMAN.

The Independent Petroleum Marketers Association of Nigeria (IPMAN) has disputed reports that it planned to raise the retail price of Premium Motor Spirit (PMS), or gasoline, to N700 per liter across the country.

According to NAN, IPMAN Southwest Zone Chairman Dele Tajudeen clarified the situation during an interview held on Friday in Ibadan.

He urged his countrymen to ignore the rumors and avoid buying in a hurry.

Tajudeen was adamant that the product’s pricing wouldn’t exceed what was already being offered.

He said it was about time that President Bola Tinubu eliminated the gasoline subsidy.

Even the PIA law makes it clear that the subsidies must go away. As a result, I’d want to applaud his decision to eliminate the subsidy and express that we fully endorse it. The reason for this is because the subsidy was a sham.

Despite a minor increase in pump prices, he assured Nigerians that the product would still be affordable to the vast majority of the country.

I want to reassure people that there is no need for concern; we have everything under control, and so on and so forth.

People may rest comfortable that the price of gasoline will not go up from where it is presently.

NNPC retail limited, a wholly owned subsidiary of NNPC limited, offers competitive pricing in comparison to both independent retailers and the major chains.

So, the published price was the suggested retail price, since the company claimed it had never provided the independent sellers with a fixed selling price.

However, I have read what somebody wrote in the press, and that is merely rumors and not facts. Not at all, I want to reassure everyone.

Even if the foreign exchange rate (FX) is N700 or N800, Tajudeen argues, “there is no way the price can go to N700 at this time.” The current price of petroleum stands at around N500.

Meanwhile, a group of CSOs had sworn to oppose the rumored planned hike in gas prices.


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