Our members can no longer sell fuel below N180/litre -IPMAN

The Independent Petroleum Marketers Association of Nigeria (IPMAN) has said its members can no longer sell premium motor spirit (PMS) at ₦165 per litre.

IPMAN made this known at a media briefing in Lagos.

The Chairman of its Lagos satellite depot, Akin Akinrinade said they are operating in a hostile business environment and selling at the regulated price is no longer convenient for it’s members.

He said “Our members can no longer sell at N165. In fact, there is no reasonable businessman in this business that can sell below N180 per litre,”

He further said “we are not on strike rather the business environment has been very hostile to us such that we can no longer do business under this condition.”

He reiterated that “For you to load a litre of petrol, you will pay N162 per litre. You will have to add the cost of transportation which is between N6 to N8, depending on the distance within Lagos. If it is outside Lagos, it is much more than that.”

“So, If you add N8 to N162, you already have N170 and this product is regulated by the government and the government wants us to sell at N165. We have not added the charges at the depots and the running cost at our stations.”

Akinrinade stated the the critical situation of the nation’s electricity supply is also telling hugely on their running cost.

He said “You know what diesel says now, and you know how epileptic power supply is, we run on generators using diesel at N800 per litre,”

You would recall that sometime last week, the southwest zone of IPMAN had threatened to direct its members to sell petrol at N180 per litre.

Long queues at fueling stations have resurfaced in Lagos and some other parts of the country.