The Kano State chapter of the Independent Petroleum Marketers Association of Nigeria (IPMAN) has directed its members to ignore the reduction of the price of petrol from N125 to N123.50 per litre until they exhaust their old stock.
IPMAN’s Chairman in the state, Alhaji Bashir Danmalam gave the directive while addressing a news conference in Kano on Wednesday, adding that members of the association would not comply with the new price regime until they had sold all their old stocks.
It would be recalled that the Petroleum Products Pricing Regulatory Agency (PPPRA) had on Tuesday night announced the reduction of pump price from N125 per litre to 123.50 per litre.
Danmalam argued that 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 N5.5bn as a result of the sudden action.
“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; none of our members was supported to reduce the losses they incurred. This time round, we will not sell our products at the new price until the old stocks are exhausted”, he said.
Noting that IPMAN was the largest employer of labour besides the Federal Government, Danmalam insisted that members of the union would not continue to operate at a loss.
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 a serious crisis.
He said further: “Even though we are happy with the new development and the Federal Government should be commended for the gesture, the government should consider the fact that no sane marketer or businessman will continue operating their business at a loss.
“Before the last announcement, many of our members had already bought and loaded their vehicles with the product at old prices from Lagos, Port Harcourt and Warri and we spent 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.”
Danmalam also threatened that the association would not hesitate to order its members to withdraw their services should any of their stations be closed down for not selling at the new price of N123.50.
- BREAKING: 176 new cases of COVID-19 take Nigeria’s total to 57,613; death toll now 1,100 - September 22, 2020
- Nigerian Navy deploys six warships for special operation in Rivers, Akwa Ibom, two others - September 22, 2020
- Buhari, AbdulRazaq meet on Kwara flood disaster - September 22, 2020