Ipman Refutes Strike Rumours, Raise Fuel Price to N180/Litre

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The Chairman of Petroleum Marketers Association of Nigeria (IPMAN), Mr Akin Akinrinade, debunks the rumour that the result of the ongoing fuel scarcity is because its members are on strike.

According to his statement at a media briefing in Lagos, since December 2021, independent marketers have been left in the hands of private depots who he said have increased their ex depot price to a level no longer sustainable to sell PMS at N165 per litre.

He maintains that the Nigerian National Petroleum Commission (NNPC) are responsibe for the current fuel scarcity, because they have not been able to lift even a litre of PMS (NNPC) from the Satellite depots at Ejigbo.

“Our members are registered to load with Pipeline and Product Marketing Company (PPMC), but since December last year, not a litre has been lifted at the NNPC’s Satellite depots in Ejigbo. We have tickets that have been paid for amounting to over a billion naira as far back as October last year and as we speak, these tickets have not been loaded meaning that PPMC is holding on to our money,” he said.

According to him, the purpose of the ticket was to generate funds for their businesses, but due to the inability to replenish their stock based on the current price of loading PMS from private depots, they are left with unpaid loans from the bank.

He stated, “as I am talking to you today, no private depot is selling below N162 per litre ex depot. We still need to add cost of transportation which is between N6 to N8 depending on the distance within Lagos and if it is outside Lagos, it is more than that and if you add the transportation cost to N162, it is already N170 and do not forget that this product is regulated by the federal government”.

He also added that most of its members have shut down their stations not because they are on strike, but because the operating environment was no longer sustainable to do business under the current price of PMS.

He recommends that the only way to solve the problem is to sell fuel at the rate of N180 per litre.

He further recommends that the only thing that will revert their decision is only when the government reduces price of fuel to N148.17 as against the N162.