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Scarcity: Don’t sell fuel above N165/litre, IPMAN cautions members

The Independent Petroleum Marketers Association of Nigeria (IPMAN) on Wednesday advised members of the association not to dispense Premium Motor Spirit, usually termed petrol, over the allowed N165/litre pump price.

IPMAN in partnership with the Association of Distributors and Transporters of Petroleum Products gave the warning in Abuja following reports that several retail shops had modified the pricing in their various pumps upwards over the government-regulated rate.

The factional National President, IPMAN, Chinedu Okoronkwo, agreed that members of the association had requested for a raise in petrol price, but highlighted that the Nigerian National Petroleum Company Limited had released adequate petrol.

He stated, “Our members in Lagos were paying between N170 and N173 per litre for fuel, which is why they desired a price hike. It is solely the NNPC that is importing the commodity. The cost of conducting business has altered, therefore it becomes harder to sell at N165/litre.

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

Okoronkwo further revealed that IPMAN and its partner had engaged the services of Benham Group to recover money owed them for the supply of petroleum products.

“Our business requires technology, that is why we brought a seasoned financial expert and we’ve been able to recover a lot of funds in other countries and Nigeria,” he said.

The IPMAN official added, “The incessant mishaps 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.”

On his part, the National President, Association of Distributors and Transporters of Petroleum Products in Nigeria, Mohammed Danzaki, said the NNPC had done a lot to import the product, “but the main issue is the transportation.”

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

The Chairman, Benham Group, Maurice Ibe, said the collaboration was to ensure stabilisation of fuel supply at the filling stations.

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