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Published On: Thu, Apr 2nd, 2020

IPMAN rejects new petrol pump price of N123.50 per litre

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  • Insists on old price of N125 per litre

From Mustapha Adamu and Etuka Sunday

The Independent Petroleum Marketers Association, IPMAN has defied the federal government ‘s directive on another reduction in the pump price of the Premium Motor Spirit, PMS from N125 to N123.50 per litre.
Hence, the association has directed its members to continue selling the product at N125 per litre until they exhaust their old stocks.
The Petroleum Products Pricing Regulatory Agency, PPPRA, had on Tuesday announced another reduction of pump price from N125 per litre to 123.50 a litre.
However, at a press conference in Kano on Wednesday, Chairman of the IPMAN, Kano zone, Bashir Dan-Mallam, said members of the association would not comply with the new price regime until after they sell all their old stocks.
According to him, the last time the Federal Government reduced the pump price of the product from N145 per litre to N125 per litre its members nationwide lost over N5.5 billion as a result of the sudden reduction.
“We called on government to compensate or support our members who incurred the huge losses due to the sudden reduction in fuel pump price but nothing was given to us.
“But to our surprise the private depots owners were paid but none of our members was supported to reduce the losses they incurred. This time around, we will not sell our products until the old stocks are exhausted,” he said
Dan-Mallam noted that IPMAN is the largest employer of labour besides the Federal Government, adding that members of the union will not continue to operate at loss.
“Apart from the Federal Government, IPMAN is the largest employer of labour in the country and we cannot afford to continue to support the government at this trying time while as business people we are operating at loss,” Dan-Mallam said.
He accused the management of the PPPRA of trying to sabotage the Federal Government’s efforts to ensure sustained fuel supply and distribution across the country through some policies that could plunge the sector into serious crisis.
“Even though we are happy with the new development and the Federal Government should be commended for the gesture but the government should consider the fact that no sane marketer or businessman will continue operating his/her business at loss.
“Before the last announcement, many of our members have already bought and loaded their vehicles with the product at old prices from Lagos, Port Harcourt and Warri and we spend five to seven days before reaching our destinations.So we are not going to sell the product at the new price until we sell the old stocks,” he said.
The chairman also said the union would not hesitate to ask its members to withdraw their services should any filling station of its member is closed for not selling at the new pump price of N123.50 per litre,
“We hope the Federal Government will see reason and come to the aid of our members as it supported private depots because our members will not continue to operate at loss, “ he appealed.
Recall that the federal government had on Tuesday night announced a further reduction in the price of Premium Motor Spirit (PMS) commonly called petrol to N123.50 per litre.
This is even after it slashed the price about two weeks ago from N145 per litre to N125 per lire.
While announcing the new price regime in a statement last night, signed by the Executive Secretary of PPPRA, Mr Abdulkadir Saidu, the Petroleum Products Pricing Regulatory Agency (PPPRA), said that after reviewing the market, it came to the conclusion that Nigerians should be paying lesser for the product hence the price was further cut by N1.50 to N123.50 per litre.
According to the statement, “PPPRA, in line with the government approval for a monthly review of Premium Motor Spirit (PMS) pump price, hereby announces Guiding PMS pump price of N123.50 per litre.
“The Guiding price, which becomes effective April 1, 2020, shall apply at all retail outlets nationwide for the month of April 2020.
“PPPRA and other relevant regulatory agencies shall continue to monitor compliance to extant regulations for a sustainable downstream petroleum sector.
“Members of the public and all oil marketing companies are to be guided accordingly.”

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