IPMAN To NNPC: We Need Official Letter To Comply With New Pump Price

Barely 24hours of the drop in fuel price, Oil dealers under the auspices of the Independent Petroleum Marketers Association of Nigeria (IPMAN ) has called on the Nigerian National Petroleum Corporation (NNPC ) to issue an official letter before any form of compliance with the new petrol pump price of N108 per liter.

National Vice President, Alhaji Abubakar Maigandi revealed this on Wednesday, saying, the corporation may send the go -ahead notice once the marketers exhaust their stock at the previous price.

But Maigandi, who commended the Federal Government on the downward review of the pump price, disclosed to The Nation that the marketers were still buying petrol for N111 per liters even when the NNPC had announced the penultimate price reduction of N125. 50 per litre.

Despite NNPC ‘s announcement of a reduction of the pump price of the product from N125 to N125. 50 per litre on 30th March, virtually all the retail outlets, including the corporation’s affiliate ones still retain the former price.

He submitted that “Immediately we receive order from the government we can reduce the price.”

Asked why the marketers refused to comply with the previous announcement of price decrease, he said: ” now we have the old stock, once the old stock is finished, I know we are going to receive the order from the government then we will reverse to the new price.”

Commenting on supply of petrol from the depots, he said it was fair but “they (depots) have not started selling at the new rate. We are also waiting for them to start selling at the new rate so that we can also adjust. The depots are still selling at N111 per litre.”

He said it was the same rate the depots sold while government directed that petrol should sell for N125 per litre.

Maigandi revealed that the rate at which the Petroleum Equalisation Fund (PEF) was paying marketers was very slow.