The Independent Petroleum Marketers Association of Nigeria (IPMAN) has stated that petrol would not sell above the N165 per litre price.
Mr. Chinedu Okoronkwo, national president of IPMAN, made this known on Wednesday, in response to the Lagos branch’s insistence that it would sell petrol above the N180.
Supporting IPMAN decision is The Association of Distributors and Transporters of Petroleum Products (ADITOP), which joined in asking its members to adhere to the set pricing.
In order to maintain the status quo, Okoronkwo said that the FG had released adequate petrol from their storage. He also claimed that they had begun talks with the Benham Group to recoup money owed to them for the delivery of petroleum products.
“Our business required technology, that is why we brought a seasoned financial expert and we have been able to recover a lot of funds in other countries and Nigeria,” Okoronkwo said.
“The incessant accidents 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. Our members in Lagos were getting the fuel at N170/N173 that’s why they wanted the price increased.
Read: Nigeria Shouldn’t Be Importing Petrol – NLC
“It’s only the NNPC that is importing the product. The cost of doing business has changed, so it becomes difficult to sell at N165 per litre.
“That is why we are thanking the NNPC for bringing the product to N143. So, our members must sell the product at N165 which is the government-approved price.”
Alhaji Mohammed Danzaki, national president of ADITOP, claimed that ADITOP and IPMAN are the ones who are suffering because they require returns on their investments.
“NNPC has done a lot to import the product but the main issue is the transportation.
“We have not been getting our payments. That’s why we engaged a financial expert, Benham Group, to recoup our money for Nigerians to get regular supplies in the fuel stations,” Danzaki added.
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