IPMAN Raises Alarm as Private Depots Sell Petrol for N102/litre

Independent Petroleum Marketers of Nigeria, IPMAN, on Wednesday, February 24, raised an alarm that private depot owners sold Premium Motor Spirit (PMS) for N102 per litre.

Following the new price regime which the Petroleum Products Pricing Regulatory Agency (PPPRA) implemented in January, depots were expected to sell the product to marketers at N77 per litre.

However, all Nigerian National Petroleum Corporation (NNPC) affiliate petrol stations were supposed to sell petrol at N86 per litre, while independent marketers were expected to sell for N86.50 per litre.

IPMAN Vice Chairman, Abubakar Dankingari, yesterday, said private depot owners are selling fuel for N102 per litre.

According to him, members of the association simply refused to patronize them because of the obvious colossal losses they would incur.

He lamented that this situation compelled the marketers to resort to buying from the corporation, where the product is evidently over-subscribed.

Dankingari, who revealed that his members had over 7,000 tickets pending with the NNPC for over three months now, lamented that his members had no petrol to sell.

He said: “Up till now, independent marketers are not getting fuel. We have over 7,000 tickets under NNPC . Up till now, we haven’t loaded it for almost three months now. The private depots are even selling N102 per litre to marketers now.”

He however noted that the situation had forced some members that ventured to patronise the private depots to sell above the official pump price.