{"id":105745,"date":"2023-07-01T18:25:20","date_gmt":"2023-07-01T17:25:20","guid":{"rendered":"https:\/\/pointblanknews.com\/pbn\/?p=105745"},"modified":"2023-07-01T18:25:20","modified_gmt":"2023-07-01T17:25:20","slug":"stop-panic-buying-weve-no-plan-to-hike-petrol-to-n700-per-litre","status":"publish","type":"post","link":"https:\/\/pointblanknews.com\/pbn\/exclusive\/stop-panic-buying-weve-no-plan-to-hike-petrol-to-n700-per-litre\/","title":{"rendered":"Stop panic buying, we\u2019ve no plan to hike petrol to N700 per litre"},"content":{"rendered":"<div style=\"text-align: justify;\">The Independent Petroleum Marketers Association of Nigeria (IPMAN) has denied the alleged plan by the association to hike the pump price of Premium Motor Spirit (PMS) also known as petrol to N700 per litre nationwide.<\/p>\n<p>The Chairman of IPMAN Southwest Zone, Alhaji Dele Tajudeen, stated this\u00a0 in an interview with newsmen in Ibadan.<\/p>\n<p>The chairman, therefore, urged Nigerians to disregard the speculation and not to engage in panic buying.<\/p><\/div>\n<div style=\"text-align: justify;\">\nTajudeen stressed that the price of the product would not be more that what is being sold presently.<\/p>\n<p>He commended President Bola Tinubu for removing the subsidy on petrol adding that it was long overdue.<\/p>\n<p>\u201cEven in PIA bill, it has been clearly stated that the subsidy must be removed,<\/p>\n<p>\u201dSo, 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.\u201d<\/p>\n<p>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.<\/p>\n<p>\u201cI 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.<\/p>\n<p>\u201cSo, people should be rest assured that there is no way they can buy petrol more than the price it is being sold now.<\/p>\n<p>\u201cIf 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.<\/p>\n<p>\u201dSo, it was the retail price that they announced they had never given a specific price to the independent marketers.<\/p>\n<p>\u201cHowever, 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.<\/p>\n<p>\u201c\u201d 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,\u201d Tajudeen said.<\/p>\n<p>He noted that the product had been deregulated, hence the differential in prices was due to transportation as it is related to location.<\/p>\n<p>\u201dIf 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.<\/p>\n<p>\u201dAnd if you are going to Ilorin, it could be as high as N700,000 that would account for differential in prices.<\/p>\n<p>\u201cI 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.<\/p>\n<p>\u201dThough 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.<\/p>\n<p>\u201cSo, whatever we buy is what we put our own margin and sell.<\/p>\n<p>\u201dBut as of today, the highest you can get anywhere should be around N550; Lagos N510 per litre; Ogun State between N500 and N520,\u201d Tajudeen said in denying plans by IPMAN on a pump price hike.<\/p><\/div>\n<!-- AddThis Advanced Settings generic via filter on the_content --><!-- AddThis Share Buttons generic via filter on the_content --><!-- AddThis Related Posts generic via filter on the_content -->","protected":false},"excerpt":{"rendered":"<p>The Independent Petroleum Marketers Association of Nigeria (IPMAN) has denied the alleged plan by the association to hike the pump price of Premium Motor Spirit (PMS) also known as petrol&hellip;<!-- AddThis Advanced Settings generic via filter on wp_trim_excerpt --><!-- AddThis Share Buttons generic via filter on wp_trim_excerpt --><!-- AddThis Related Posts generic via filter on wp_trim_excerpt --><\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_lmt_disableupdate":"","_lmt_disable":"","footnotes":""},"categories":[17],"tags":[],"class_list":["post-105745","post","type-post","status-publish","format-standard","hentry","category-exclusive"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v26.8 - 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