Petrol Price Hike: Independent Marketers threaten to halt supply of fuel 1
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Petrol Price Hike: Independent Marketers threaten to halt supply of fuel

Following the recent increase in the price of Premium Motor Spirit (PMS) also known as petrol, the Independent Petroleum Marketers Association of Nigeria (IPMAN), South West chapter, has threatened to stop loading petroleum products in all depots within the region in protest.

The DAILY VENDOR recalls that on July 1, 2020, the Petroleum Products Pricing Regulatory Agency (PPPRA), announced a new price band of N140.80 to N143.80 per litre of petrol, as against N121.50 to N123.50.

The Zonal Chairman of IPMAN, Southwest chapter, Dele Tajudeen, said on Sunday that the price increase came as a surprise to the marketers. Arguing that the PPPRA did not engage IPMAN before taking such decision.

He said, “I wish to state that the recent pronouncement of PPPRA/NNPC of increase in ex-depot/pump price of PMS is not acceptable to IPMAN South West. The decision, without consideration of corresponding increase of our profit margin, is unfair and inhuman.

“The increase translates to almost a million naira on every 45,000 litres while our profit margin was reduced, leaving us worst than before. As a responsible association, we demand the NNPC to revert to the earlier ex-depot price of N130.72 sent to us or we boycott supply of petroleum products.

Tajudeen, disclosed that the ex-depot petrol price of N111.78 per litre was increased to N130.72 on Tuesday last week and then to N133.72 on Wednesday.

“This is not a threat but the government should be sensitive to the plight of marketers. We restate our commitment to the uninterrupted supply of petroleum products in the best interest of the masses and Nigeria as a nation, but the government must be fair to marketers,” he added.

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