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IPMAN allays fears over fuel price increase, reiterates N165/litre benchmark

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Increase in petrol price inevitable –Rewane

Premium Motor Spirit (PMS), also known as petrol, would not be sold beyond N165 per litre, according to the Independent Petroleum Marketers Association of Nigeria (IPMAN).

This was disclosed by IPMAN National President, Mr. Chinedu Okoronkwo, on Wednesday in Abuja, after its Lagos branch stated that it would sell beyond N180 per litre.

The Association of Distributors and Transporters of Petroleum Products (ADITOP) joined IPMAN in pleading with its members to adhere to the set price.

Okoronkwo claimed that the FG had initiated talks with the Benham Group to recover money owed to them for the supply of petroleum products and that they had released enough fuel from their storage to allow them to preserve the status quo.

Read also: IPMAN reveals ongoing probe into supply chain after adulterated fuel

Okoronkwo said, “Our business required technology, that is why we brought a seasoned financial expert and we have been able to recover a lot of funds in other countries and Nigeria.

“The incessant accidents and destruction of trucks on the road, banditry and kidnapping is the reason we are bringing the insurance company to help us.

“Leaving the risk for the owner of the truck to bear will affect our businesses. Our members in Lagos were getting the fuel at N170/N173 that’s why they wanted the price increased.

“It’s only the NNPC that is importing the product. The cost of doing business has changed, so it becomes difficult to sell at N165 per litre.

“That is why we are thanking the NNPC for bringing the product to N143. So, our members must sell the product at N165 which is the government-approved price.”

Queues had emerged across filling stations in Lagos after a shutdown in activities by IPMAN over low pricing and soaring diesel prices.

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