Not minding the hard times and inflationary trends in the country, the Independent Petroleum Marketers Association of Nigeria (IPMAN) has added to the pains, asking its members to sell Premium Motor Spirit (known in local parlance as petrol) at a higher price.
The price per litre, based on the statement of the association, may not go for less than N180.00.
IPMAN Secretary, Akeem Balogun, in the statement, said, “Distinguished marketers, the Chairman and executives in conjunction with some senior members of our unit, organised a press conference today 20th June, 2022, at IPMAN HOUSE Ejigbo Lagos, where we explained our predicament with the current price of PMS at private depot.
“We explained that with the current price, there is no way we can sell less than N180 per litre.
“On this note, members are hereby advised to sell at a sustainable price within their environment. Just make sure that the price is on your pump.
“Kindly contact the Secretariat should you have any authority challenging your operations.”
In Abuja on Monday some filling stations were shut while those had fuel had queues building up in them.
According to media reports, fuel queues resurfaced on Monday in most parts of Lagos State after some members of IPMAN shut down operations.
Mr Akin Akinrinade, Chairman, IPMAN, Lagos Satellite Depot, Ejigbo, said the members took the decision because they could no longer operate at a loss.
He reiterated the statement by the national association that the least the product should be sold at filling stations is N180.
“As you can see, the queues are back and this is the second time we are witnessing it this year. However, this one is peculiar in the sense that for a particular reason, IPMAN members decided to shut their stations. This is not because we are on strike, but because we can no longer do business under this condition.”
According to him, IPMAN members ought to be getting supply from the Pipelines and Product Marketing Company (PPMC) and had made payments of over N1 billion since October 2021, but now depended on private depots.
He speaks further, “Now, these private depot owners have increased the ex-depot price of PMS from N148.17 to N162 per litre. That is the amount they are selling to us.
“When you factor in the handling charge, transportation and running cost of our stations, you will see that even within Lagos, the minimum we can retail petrol is about N180 per litre.
“We want Nigerians to know that IPMAN members are patriotic citizens and we are not out to sabotage the effort of government because we know this hike in petroleum products prices is not peculiar to Nigeria.
“The ongoing conflict between Russia and Ukraine has disrupted the supply chain and the Nigerian government is doing its best to mitigate its impact on our nation.”
His suggestion: either a total deregulation of the downstream sector or government directs private depots to revert to the old ex-depot price.