IPMAN Explains Why Nigeria Is Experiencing Petrol Scarcity

Petrol Prices Increase By 20.81%

The Independent Petroleum Marketers Association of Nigeria (IPMAN), has explained that Nigeria is currently experiencing petrol scarcity due to an increment in private depot prices.

According to Dele Tajudeen, the Chairman of IPMAN, Western Zone, there had been an increase in the depot price of fuel from N148.17 per litre to N178 per litre since last week.

Tajudeen, while condemning the development, revealed that no Nigerian National Petroleum Company Ltd. (NNPC) depots have petrol to supply retailers. Hence, private depots took advantage of the situation to hike the commodity prices.

“The only option for our members is to opt for private depots, to keep our business moving. We are totally against the increase because it will affect our profit margins and the masses.

“Some private depots who have the product, deliberately, refused to sell for reasons best known to them,” the IPMAN chief stated.

On why filling stations are now dispensing petrol at higher prices, Tajudeen said marketers should not be blamed for the increase in pump price, adding that “selling at N170 per litre is not realistic”.

“Therefore, our members have no other option than to sell between N195 and N200 per litre within Lagos, Ogun and Oyo states, while we will sell between N200 and N210 in Kwara, Ondo, Osun and Ekiti states.

“Most of the tank farm owners have justified this increase because of different charges, among which is vessel charges, paid in dollars.

“We are equally calling on the management of the NNPC, and the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) to investigate the arbitrary increase in fuel price by the private depot owners,” he added.

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