IPMAN directs members to revert to N165 per litre of fuel


The Independent Petroleum Marketers Association of Nigeria (IPMAN) on Wednesday assured that its members would continue to sell fuel for N165 per litre.

Over the weekend, queues returned to filling stations in Lagos as IPMAN members complained that the Federal Government approved petrol price was no longer sustainable because of the increase in pump price. The marketers said they would not sell for less than N180.

However, IPMAN national president Chinedu Okoronkwo at a press conference in Abuja said the issues have been addressed and petrol can now be sold at retail price of N165.

Okoronkwo said: “I told you the cost of doing business has changed and my members in Lagos before they did what they did, they called me and told me that they are now getting this product at N162 to N165 per lite with transportation another N8, aggregating to about N170 to N173, even the N10 which supposed to be our own has been eroded, what do we do?

“Now you know and I know that it is only NNPC that imports this product into Nigeria. Some of these tank farm owners who have gone to collect this product don’t blame them because the cost of doing business has also changed.

“It became so difficult for them to sell at N148.17 but yesterday I want to tell you that NNPC and PPMC went to their tank farms and released products.

“That is why we are thanking them that with this product we can now access the product at N148.17.”

He thanked President Muhammadu Buhari for making available N4 trillion budgetary provision for subsidy especially with the current global energy problems caused by the ongoing Russian-Ukrainian war.