A N40 per litre fuel pump price is not possible in Nigeria, at least for now. That is according to the Independent Petroleum Marketers Association of Nigeria, Mosimi, Ogun State chapter.
The Chairman of IPMAN in the state, Adeleke Bada made the disclosure over the weekend shortly after the association’s Annual General Meeting held in Abeokuta.
He was reacting to a recent statement credited to former Minister of Petroleum Resources, Tam David West who said the President-elect, Gen. Buhari would reduce the pump price to N40.
According to Bada, “that is not possible, if you look at the nature of the market, that isn’t realistic. Do we have the refineries?
Bada also faulted some marketers for not complying with the sale of petrol at the N87 stipulated price.
He said “that is why they do not want to leave IPMAN alone. The government has not increased the price of fuel, it is still N87 per litre.
“But by the time you get to the depot, after paying around N2.6m for your ticket, a lot of levies are to be paid, levies from PTD, IPMAN and all others, adding them all together with the cost of transporting your trucks to the station, no one is ready to run at a loss.
“I even give them (marketers) kudos for selling the fuel because they do not want the masses to suffer despite all these anomalies. That is why if you can afford to buy it at the prices they sell, then go on because we make use of it everyday.”