The Independent Petroleum Marketers Association of Nigeria (IPMAN) has denied reports that it plans to increase the pump price of premium motor spirit (PMS), also known as petrol, to N700 per litre nationwide.

Dele Tajudeen, chairman of IPMAN, southwest zone, spoke in an interview with NAN in Ibadan on Friday.

Tajudeen said the price of the product would not be more than what it is currently being sold for.

“Even in the PIA bill, it has been clearly stated that the subsidy must be removed,” he said.

“So, I want to commend the president for removing the subsidy and I want to say that we are in support totally. This is because the subsidy was a scam.”

The association’s southwest region chair urged Nigerians to be at rest as the commodity would not be out of reach for the masses.

“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,” Tajudeen said.

“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 [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.”

Tajudeen said the product has been deregulated, noting that the slight increase and differentials in pump prices were due to the cost of transportation as it is related to location.

“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 there about it could be as much as N500,000,” the IPMAN chair explained.

“And if you are going to Ilorin, it could be as high as N700,000, which would account for the difference 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, the reality of it is that we buy from the market; because NNPC limited is not the only source for our product, we get it from private depots.

“So, whatever we buy is what we put on 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.”

Tajudeen, therefore, urged Nigerians to disregard the speculation and not to engage in panic buying.