The Independent Petroleum Marketers Association of Nigeria (IPMAN) has refuted reports suggesting that its members are preparing to raise the price of Premium Motor Spirit (PMS), commonly known as petrol, to N700 per litre nationwide.

Dele Tajudeen, the Chairman of IPMAN South-west Zone, dismissed the rumors in an interview with the News Agency of Nigeria (NAN) in Ibadan.

He reassured the public that there was no cause for alarm and urged them not to engage in panic buying.

Tajudeen clarified that the price of petrol is determined by various factors, including transportation costs related to location.

While acknowledging that the product has been deregulated, he emphasized that the price differential is primarily due to transportation expenses.

Tajudeen stated that within the Lagos metropolis, the maximum price should be around N515 to N520 per litre, while in Ogun State, it ranges from N500 to N520.

He attributed the variations to different sourcing channels, with private depots supplementing the supply from NNPC.