RIPPLES NIGERIA
The Chairman of the Independent Petroleum Marketers Association of Nigeria (IPMAN), South-West branch, Dele Tajudeen, has dismissed claims on the planned increase of fuel price to N700 per litre.
Tajudeen, who addressed journalists on Friday in Lagos, said filling stations would continue to maintain the current price of fuel, adding the report of petrol litre rising to N700 was just a speculation.
The price of fuel increased from N189 to above N500 per litre in June following President Bola Tinubu’s announcement on the removal of fuel subsidy in his May 29 inaugural address.
However, reports emerged last week that fuel marketers planned to increase products price to N700 per litre due to the naira devaluation which has increased the dollar rate from N464 to about N769/$1.
But Tajudeen stressed that there was no reason for the price of fuel to rise from N500 to N700 because of the increase in the foreign exchange rate.
He urged Nigerians to avoid panic buy because of the misleading information.
The IPMAN chairman said: “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 [and] they have 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 foreign exchange (FX) is N700 or N800 that has nothing to take the price of petroleum from N500 to N700.”
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