Reports had suggested a clash between fuel marketers and the Nigerian National Petroleum Company Limited (NNPCL) regarding the government's subsidy payment.
It was further speculated that petrol might now cost N1,200 per litre due to the discontinuation of under-recovery of fuel costs.
However, according to IPMAN's spokesperson, Okanlawon Olanrewaju, there is no intention among fuel marketers to raise the fuel price.
He emphasized that unless NNPC signals an increase, they will not take such action independently.
Olanrewaju urged the public to refrain from panic buying, dismissing fuel price increment as a mere rumor.
This statement from IPMAN came after the NNPC denied any clash with the association, asserting that subsidy on petrol had been completely removed months after President Bola Tinubu's announcement.
President Tinubu had declared the removal of fuel subsidy during his inauguration on May 29, stating that the 2023 budget did not provide for it.
This led to a significant surge in petrol prices from around N184 to over N600 per litre in various parts of the country.