IPMAN Blames Hike In Pump Price In Southeast On Scarcity, Private Depot Owners.
Oil & Gas

IPMAN Blames Hike In Pump Price In Southeast On Scarcity

…increase, a result of scarcity due to failure of the NNPC to sell product to IPMAN members

The Independent Petroleum Marketers Association of Nigeria (IPMAN) has said the prevailing unofficial increase in the price of  Premium Motor Spirit (PMS) known as petrol in the country was due to their inability to source products at Nigerian National Petroleum Company (NNPC) depots.

Mr Chinedu Anyaso, chairman of IPMAN Enugu Depot Community in charge of Anambra, Ebonyi and Enugu state said this at its Annual General Meeting (AGM) in Enugu on yesterday.

Anyaso said the increase was as a result of scarcity due to failure of the NNPC to sell product to their members, despite the claim that there was enough product.

He said marketers now bought from  private depots which sold at an exorbitant price.

He said that his members could not sell the product at the approved regulated pump price after buying at  very expensive prices, noting that many marketers were struggling to remain in business as a result of challenges in the downstream sector.

Anyaso regretted that the development had contributed in forcing independent oil marketers in the unit not to sell the PMS at same price, which had further added to the pains of the masses.

“If all things are equal, our members will sell at the regulated price but you do not sell at a uniform price when you have scarcity.

“Now you cannot find the product, so people sell as they source. We go out of our way to source for the product.

“The NNPC is suppose to give us product at the rate of N148.17 but as at now, we source at N212, N215, you add N3 loading expenses, coming up N218. 

“Then add N15 transport fare down to Enugu here, you fund out,  we have almost approach N230 landing cost, so it becomes impossible to sell at the government approved pump price,” he said.

Anyaso assured that marketers members would revert to the old pump price, once the NNPC started selling products to them directly as against the current situation where  private depot owners dictate supply and price.

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