IPMAN blames private depots over hike in fuel price

By Ijezie Victor

The Independent Petroleum Marketers Association of Nigeria, IPMAN, Western Zone, has attributed the increase in the pump price of Premium Motor Spirit to the hike in private depot prices.

The Chairman, IPMAN Western zone, Dele Tajudeen disclosed this against the backdrop of the ongoing fuel scarcity on Tuesday in Lagos.

Tajudeen, while condemning the increase, said that there had been increase in depot price of fuel from N148.17 per litre to N178 per litre since last week.

According to him, none of the Nigerian National Petroleum Company Ltd.,NNPC, depots has product and the private depots took advantage of the situation  to hike the price.

“The only option for our members is to opted 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 product, deliberately, refused to sell for reasons best known them,” he said.

The IPMAN chairman stated that the 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”, noted the chairman.

“Most of the tank farm owners have justified this increase because of different charges, among which is vessels charges paid in dollars. We are equally calling on the management of the Nigerian National Petroleum Company Ltd., 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 stressed.