Fuel Price Hike: IPMAN Threatens To Stop Operations

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The Independent Petroleum Marketers Association of Nigeria (IPMAN) has threatened to stop operations nationwide

IPMAN lamented that the price of Premium Motor Spirit, popularly called petrol, being sold it its members by the Nigerian National Petroleum Company Limited was too high.

Osun Defender reports that NNPC on Wednesday, raised the price of petrol to above N1,000 in most parts of the country.

With the latest price adjustment, it means that in the less than 17 months of the current administration, the price of petrol has risen by over 430 per cent from May 29, when it took over the reins of power.

The price hike, the second in one month, represents about 14.8 per cent or N133 rise.

The association, which controls over 70 per cent of filling stations nationwide, said the cost of petrol from the Dangote Petroleum Refinery to NNPC was about N898/litre but noted that NNPC was selling the same product to independent marketers at N1,010/litre in Lagos.

IPMAN demanded a refund from NNPC for earlier petrol supply payments made by its members.

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Speaking with a Punch correspondent on Thursday, the National Publicity Secretary of IPMAN, Chinedu Ukadike, said the association may be forced to take action if the challenge between IPMAN and NNPC is not resolved immediately.

This development followed an earlier revelation by IPMAN national president Abubakar Maigandi that NNPC was asking independent marketers to buy petroleum products from its depot at N1,010/litre in Lagos State.

Maigandi while speaking during a live television interview on Thursday, argued that the price was higher than what NNPC paid for the product from the Dangote refinery.

He also noted that independent marketers’ funds had been held by the national oil company for about three months.

According to him, NNPC purchased the product from the refinery at N898/litre but is asking marketers to buy it at N1,010/litre in Lagos; ,1,045 in Calabar; ,1,050 in Port Harcourt; nd N1,040 in Warri.

“Our major challenge now is that independent marketers have an outstanding debt from the NNPC and the company collected products through Dangote at a lower rate, which is not up to N900, but they are telling us now to buy this product from them at the price of N1,010/litre in Lagos; N1,045 in Calabar; N1,050 in Port-Harcourt; and N1,040 in Warri”, Maigandi stated.

He also pointed out that the association’s funds with NNPC had reached N15bn, stressing that marketers were eager to be fully involved in the petrol business and its components following the full deregulation of the sector.

He added, “Marketers want to be fully engaged in the business of petrol and its components. NNPC has been the one bringing in the product and loading and has an off-take in the Dangote refinery.

“We are now being allowed to import and there is no challenge on that issue. What we are after is to get the product directly from Dangote and not through NNPC. Currently, they owe us up to N15bn.”