Business
IPMAN threatens to down tools over PMS sharing formula
The Independent Petroleum Markets Association (IPMAN) has hinted of plans to down tools to press home their demand for equal opportunity in the sharing and distribution of petroleum products to its members by the Nigeria National Petroleum Corporation (NNPC).
The body spoke at a stakeholders meeting on Saturday in Port Harcourt, the Rivers State Capital.
Addressing newsmen shortly after the meeting, the chairman, IPMAN Council of Elders, Dr. Emmanuel Ihedigbo, said it was scandalous that IPMAN which has about 85 % outlets to service was been shortchanged by NNPC in allocation formula.
Read also: NNPC needs $500m to repair refineries –Kachikwu
Ihedigbo who faulted the arrangement where petroleum products were allocated to private depots and sold to major marketers and mega stations, urged the NNPC to designate, four tank farms in Port Harcourt, Warri , Calabar and five in Lagos in order to close the supply gap.
“The Council of Elders have lamented the inefficiencies in NNPC depots as well as lack of security of petroleum products. We are of the view that private depots should be properly monitored by regulatory agencies such as Department of Petroleum Resources, (DPR),” Ihedigboo said.
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