No plan to increase petrol price to N700 per litre - IPMAN – Newstrends
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No plan to increase petrol price to N700 per litre – IPMAN

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The Independent Petroleum Marketers Association of Nigeria (IPMAN) has urged Nigerians to disregard the speculation that its members were planning to increase the price of a litre of premium motor spirit, otherwise called petrol to N700.00.

IPMAN made the clarifications while urging Nigerians not to engage in panic buying as the the price of petrol would not be more that what is being sold presently nationwide.

Alhaji Dele Tajudeen, Chairman of IPMAN Southwest Zone, made the clarification while reacting to rumours of alleged plan by IPMAN members to increase price of petrol in Ibadan on Friday

According to him, 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.

“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.

“So, people should be rest assured that there is no way they can buy petrol more than the price it is being sold now.

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“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 they had 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 FX is N700 or N800 that has not nothing to take the price of petroleum from N500 to N700,” Tajudeen said.

He noted that the product had been deregulated, hence the differential in prices was due to 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.

”And if you are going to Ilorin, it could be as high as N700,000 that would account for differential 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.

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”Though 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.

“So, whatever we buy is what we put 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 said.

Tajudeen, also said IPMAN is in total support of the removal of petrol subsidy by President Bola Ahmed Tinubu.

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

”So, 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.”

Meanwhile, a coalition of Civil Society Organisations (CSOs) had vowed to resist the alleged planned increase in pump price of petrol

They made their position known in a statement jointly signed by the Convener, Dr Basil Musa; and Co-Convener, Malam Haruna Maigida, in Abuja on behalf of others.

They vowed to resist by picketing IPMAN members’ filling stations across the country.

They accused the IPMAN of running a parallel government and inflicting pains on ordinary Nigerians by their unilateral adjustment of price of petroleum.

They described the planned increment as unacceptable and called on the Federal Government to stop IPMAN from its alleged profiteering at the expense of ordinary Nigerians.

The CSOs said the move was an economic sabotage, coming at a time Nigerians are still trying to come out of the “price shock”, occasioned by the increment on May 29.

(NAN)

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Reps pass bill to strip Vice President, governors, deputies of immunity

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House of Representatives

Reps pass bill to strip Vice President, governors, deputies of immunity

The House of Representatives on Wednesday passed for second reading a constitutional amendment bill seeking to remove the immunity conferred on the Vice President, Governors and their Deputies.

The lawmaker said the move is to curb corruption, curb immunity, eradicate impunity and enhance accountability in public office.

The constitutional amendment Bill sponsored by Solomon Bob (PDP, Rivers) reads: “A Bill for an act to alter the constitution of the Federal Republic of Nigeria, 1999 to qualify the immunity conferred on the President, remove the immunity conferred on the Vice President, the Governors and their Deputies, in order to curb corruption, eradicate impunity and enhance accountability in public office and for Related Matters”.

Section 308 of the constitution confers immunity on the President, Vice President, Governors and their deputies, exempting them from criminal and civil prosecution while in office.

The House also passed for second reading, a constitutional amendment Bill to create a constitutional role for traditional rulers, while providing for the recognition of the advisory role for them in the constitution.

The two bills are part of the 42 on devolution of power, strengthening of institutions, state creation, traditional rulers citizenship, fundamental rights and objectives and local government passed by the House.

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On Tuesday, the House passed 39 constitutional alteration bills for second reading.

While passing a bill to provide for stronger measures and checks for the sustenance of autonomy of local government system in the country, it also passed for second reading another constitutional alteration bill seeking to remove local government as a tier of government constitutionally recognised and funded by the Federal Government.

The second bill sponsored by Solomon Bob (PDP, Rivers) seeks to vest the creation and funding of local government on the states.

The House is also seeking to amend the constitution to review the framework for local government administration, establish a robust legal legal regime to strengthen administrative efficiency, promote transparency, accountability and deepen democratic practice in the local government.

On state creation, The Nation observed that a bill for the creation of Etiti State from the five South eastern States was again read for the second time even though similar bill was passed for second reading.

The bill for the creation of Etiti state sponsored by Amobi Ogah and four others was first passed for first reading on the July 11,  2025 while a second bill on the same subject matter sponsored by Deputy Minority Whip, George Ozodinobi was listed and passed for second reading on Tuesday.

Reps pass bill to strip Vice President, governors, deputies of immunity

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Businessman collapses in court during trial over $578,000 cash seizure

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Businessman collapses in court during trial over $578,000 cash seizure

A businessman, Okorie Sunday, who was arrested on March 19 at Murtala Muhammed International Airport, Lagos, with $578,000 in cash, collapsed in court during his trial on Wednesday, March 26.

Okorie appeared before the Federal High Court in Lagos, where his trial commenced at 8:30 AM. However, he collapsed just as the court registrar was about to re-read the charges against him.

Court officials and security personnel rushed to his aid, and proceedings were briefly halted.

Previously on Tuesday, Okorie had been arraigned in court by the Economic and Financial Crimes Commission (EFCC) on four counts related to money laundering and a currency scam.

He pleaded not guilty to the charges during his arraignment before Justice Deinde Dipeolu.

After a brief agreement from both parties for a swift trial, Okorie was remanded in custody and the case was adjourned to Wednesday.

During the resumed hearing on Wednesday, Okorie’s lawyer, Uche Okoronkwo, informed the court that his client wished to change his plea from not guilty to guilty.

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The EFCC’s counsel, Chineye Okezie, confirmed that Okorie indeed wanted to plead guilty to the first two counts, and requested the withdrawal of the third and fourth counts. Justice Dipeolu agreed to the request and directed that the charges be re-read.

However, as the registrar began to read the charges, Okorie collapsed without warning. His wife and daughter, who were present in the courtroom, were visibly distraught, with both of them breaking into tears.

At the time of writing this report, Okorie had been rushed to a hospital for medical attention, and the proceedings were temporarily halted.

The arrest took place when Okorie arrived in Lagos from Johannesburg aboard South African Airways Flight SA60 on March 19.

Initially, he declared only $279,000 at the airport’s currency declaration desk. However, a routine search revealed an additional $299,000 concealed in multiple packages, bringing the total sum to $578,000.

Authorities also discovered €100 and a counterfeit $250 note among the undeclared funds.

The EFCC charged Okorie with violating Sections 3(5) of the Money Laundering (Prevention and Prohibition) Act, 2022, and Sections 3(1)(a), 5(1)(b), and (2) of the Counterfeit Currency (Special Provisions) Act, Laws of the Federation of Nigeria, 2004.

Businessman collapses in court during trial over $578,000 cash seizure

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Fire guts Onitsha market, many shops, goods destroyed

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Fire guts Onitsha market, many shops, goods destroyed

A night fire at the popular Iweka Road, near Ochanja market in Onitsha, Anambra State, destroyed shops and products worth millions of naira.

Our correspondent reported that the fire, which erupted at 8.30 p.m. on Tuesday, destroyed many shops, reducing products and property to ashes.

Although the source of the fire has yet to be determined, it was said that it raged for several minutes before firefighters arrived, as some of the dealers had gone home.

Confirming the fire incident on Wednesday, the Anambra State Fire Service’s Media and Publicity Unit, commanded by state fire chief Chukwudi Chiketa, said it received a distress call at around 9.40 p.m. and quickly dispatched a crew of firefighters and firefighting equipment to the location.

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Chiketa said, “Anambra State Fire Service at about 9.40pm on Tuesday, March 25, received a distress call about a raging fire outbreak at the popular Iweka Road, close to Ochanja Market, Onitsha.

“Immediately, a crew of firemen and firefighting equipment was deployed to the scene of the fire outbreak. They fought gallantly and contained the incident, stopping the fire from further escalation.

“The incident affected four shops, and many others were saved in a two-storey building. These shops contained furniture materials such as leather, foam and others.

“The cause of the fire outbreak has not been ascertained. The crew of firemen withdrew from the incident’s scene at 03:05 (3.05am) of the next day, Wednesday 26th March.”

 

Fire guts Onitsha market, many shops, goods destroyed

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