Victor EzejaIndependent Petroleum Marketers Association of Nigeria (IPMAN) has asked marketers across the country to begin dispensing petrol at N180 per litre and above.
The petroleum marketing body gave the hint on Monday at a press briefing in Lagos, where it explained that given the current predicament faced by its members in maintaining the existing government control pump price of N165 per litre.
It advised members to sell at a sustainable price and make sure their prices are indicated on the pumps in their various retail outlets.
“Distinguish 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,” Akeem Balogun, Secretary IPMAN LSD stated.
There was scarcity of commercial vehicles in different parts of Lagos on Monday which was linked to fuel scarcity. While many petrol stations closed, some opened but with long queues.
The IPMAN, Lagos Satellite Depot, Ejigbo, Mr Akin Akinrinade, said the members had temporally shut down because they encountered increased in price by private depot owners, which has forced them to consequently review prices upward to accommodate prevailing realities in the market.
Akinrinade further explained that the current crisis between Russia and Ukraine has affected the global supply chain, hence the hike in the price of the product in the international market not just in Nigeria.
“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.”
The IPMAN boss urged the Federal Government to in the light of the heavy burden of maintaining fuel subsidy in the country, see the need to formally deregulate the downstream petroleum sector so that the prices would be determined by the forces of demand and supply.
Victor Ezeja is a passionate journalist with six years of experience writing on economy, politics and energy. He holds a Masters degree in Mass Communication.
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