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 700 naira per litre nationwide.

IPMAN Southwest zone, Chairman, DELE TAJUDEEN, made the statement in Ibadan.

DELE noted that, the price of the product would not be more than what it is currently being sold for.

He urged Nigerians to be at rest as the commodity would not be out of reach for the masses.

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

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