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Thursday, 23 June 2022 07:22

Fuel scarcity: Independent petroleum marketers insists it will not sell petrol above N165

The Independent Petroleum Marketers Association of Nigeria (IPMAN) has insisted that it will not sell Premium Motor Spirit (PMS), otherwise known as petrol above N165 per litre.

This was disclosed by IPMAN National President, Mr Chinedu Okoronkwo, on Wednesday in Abuja, after its Lagos branch insisted it will sell above the N180 price.

IPMAN was also joined by the Association of Distributors and Transporters of Petroleum Products (ADITOP) in urging its members to stick to the regulated price.

What they are saying

Okoronkwo said that the FG has released enough fuel from their depot which enabled them to maintain the status quo, and have started negotiations with Benham Group to recover money owed to them for the supply of petroleum products.

Okoronkwo said, “Our business required technology, that is why we brought a seasoned financial expert and we have been able to recover a lot of funds in other countries and Nigeria.

“The incessant accidents and destruction of trucks on the road, banditry and kidnapping is the reason we are bringing the insurance company to help us.

“Leaving the risk for the owner of the truck to bear will affect our businesses. Our members in Lagos were getting the fuel at N170/N173 that’s why they wanted the price increased.

“It’s only the NNPC that is importing the product. The cost of doing business has changed, so it becomes difficult to sell at N165 per litre.

“That is why we are thanking the NNPC for bringing the product to N143. So, our members must sell the product at N165 which is the government-approved price.”

National President, ADITOP, Alhaji Mohammed Danzaki, said ADITOP and IPMAN are the ones suffering since they need returns for their investments.

“NNPC has done a lot to import the product but the main issue is the transportation.

“We have not been getting our payments. That’s why we engaged a financial expert, Benham Group, to recoup our money for Nigerians to get regular supplies in the fuel stations,” Danzaki added.

In case you missed it

  • Fuel scarcity returned to some parts of the country as long queues resurfaced in many filling stations that have fuel while many others were shut for lack of the product.
  • IPMAN had explained that the decision of some of its members to shut down their operations was because they no longer want to operate at a loss as well as not want to operate under hostile conditions.
  • The Marketers in Lagos had on Monday advised its members to adjust the pump price of PMS to a minimum of N180 per litre, citing the increment in the ex-depot price of PMS by some private depots where they were buying the product from.


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