 The Independent Marketplace Association of Nigeria has attributed the constant upward jump in palm price of premium motor spirits in the country. Things is the submission of the Ip Man at the ongoing investigation into the continuous rise in the palm price of petrol in the country since the announcement of the removal of subsidy by President Bona Mertinobu and his inaugural speech to the nation as soon as he was sworn in on 29 May 2023. The increase has affected the prices of goods and services across all sectors with many Nigerians forced to devise other ways of supporting themselves and their family. Petroleum is an arguably the lifeline of the Nigerian economy and any increase in its price will undoubtedly result in ripple effect on private goods and services especially food stock. Statistics show that Nigerians spend an average of 80 percent of their incomes and food alone. This is why we fear that this recent increase will further push Nigerians deeper below the poverty line. While responding to questions from members on the reasons for the constant price increase, Ip Man blamed on the rising price of crude oil in the international market, subsidy and the equalization fund removal as well as the constant falling value of the Naira. Not only is the issue of increasing the price presently we have a very huge amount of money under the NNPC custody whereby this money they refuse to release this money to us to continue into the business as at the same time they refuse to give us the product. Then one funniting is about the issue of equalization just like the honorable has asked. This equalization has really increased the fuel price in the northern part of Nigeria and other parts of the country. In that removal of society there was no place allowed even when we begged them here that you can leave subsidy we can even do internal equalization. They refused. It will take this house again to see because what this one will create is that many people will lose their work a lot of businesses will close because in thinking how to still remain in business will proceed. Electric vehicles should not be considered by this committee the only sustainable alternative that matches the purchasing power of a country where 150 million people living in multidimensional poverty is compressed natural gas which is 100 domestic.