By Emmanuel Adeleke
The Independent Petroleum Marketers Association of Nigeria (IPMAN) has warned its members not to sell Premium Motor Spirit (PMS), otherwise known as petrol, above the approved N165 per litre pump price.
IPMAN, in conjunction with the Association of Distributors and Transporters of Petroleum Products (ADTPP) gave the warning in Abuja, following reports that many retail outlets had adjusted their pump price above the government-regulated price.
The factional National President of IPMAN, Chinedu Okoronkwo, admitted that members of the association had called for a hike in the pump price. He, however, noted that the Nigerian National Petroleum Company (NNPC) Limited had released enough petrol.
He said: “Our members in Lagos were getting the fuel at N170 – N173/litre, that’s why they wanted price increase. It is only the NNPC that is importing the product. The cost of doing business has changed, so it becomes difficult to sell at N165/litre
“That is why we are thanking the NNPC for bringing the product to N143/litre. So, our members must sell the product at N165, which is the government-approved price.”
Okoronkwo further explained that IPMAN and its partner had engaged the services of Benham Group, to recover money owed them for the supply of petroleum products.
“Our business requires technology, that is why we brought a seasoned financial expert and we’ve been able to recover a lot of funds in other countries and Nigeria.
“The incessant mishaps and destruction of trucks on the road, banditry and kidnapping is the reason we are bringing the insurance company to help us. Leaving the risk for the owner of the truck to bear will affect our businesses,” he said
Speaking, the National President, ADTPP, Mohammed Danzaki, stated that NNPC had done a lot to import the product, “but the main issue is the transportation.”
“We have not been getting our payments. That is why we engaged a financial expert, Benham Group, to recoup our money for Nigerians to get regular supplies in the fuel stations,” he said.
The Chairman, Benham Group, Maurice Ibe, said the collaboration was to ensure stabilisation of fuel supply at the filling stations.
