The Independent Petroleum Marketers Association of Nigeria (IPMAN) has refuted claims of an alleged plan to raise the pump price of Premium Motor Spirit (PMS), commonly known as petrol, to N700 per litre across the country.

In an interview in Ibadan, Chairman of IPMAN Southwest Zone, Dele Tajudeen, clarified the situation and urged Nigerians to dismiss the speculation and avoid panic buying.

Tajudeen emphasized that the price of the product would not exceed the current rate. He commended President Bola Tinubu for eliminating the subsidy on petrol, describing it as long overdue and noting that it was stated in the Petroleum Industry Act (PIA) that the subsidy must be removed.

Addressing concerns about a slight increase in the pump price, Tajudeen attributed it to transportation costs. He reassured the public that petrol would remain affordable for the masses and urged them not to be alarmed.

The IPMAN chairman also clarified that the retail price announced by NNPC Retail Limited, an integral part of NNPC Limited, did not provide a specific price for independent marketers.

He dismissed the speculation about a potential price hike to N700 as mere rumors, stating that even if the foreign exchange rate reached N700 or N800, it would not justify raising the price of petroleum from N500 to N700.

Meanwhile, a coalition of Civil Society Organizations (CSOs) has expressed its determination to resist any alleged planned increase in the pump price of petrol.