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N165/Litre: Sell Fuel At Approved Pump Price – IPMAN Cautions Members

The Independent Petroleum Marketers Association of Nigeria (IPMAN), has cautioned members of the association not to dispense Premium Motor Spirit, popularly called petrol, above N165/litre, as that is the government approved price.

The warning was given in Abuja by IPMAN in conjunction with the Association of Distributors and Transporters of Petroleum Products, following reports that many retail outlets had adjusted the price in their various pumps upwards above the government-regulated rate.

Chinedu Okoronkwo, the factional National President, IPMAN, who appreciated the Nigerian National Petroleum Company Limited (NNPC) for releasing enough petrol, revealed that the company are the only ones importing the product.

In his words, “Our members in Lagos were getting the fuel at N170 – N173/litre, that’s why they wanted price increased. It is only the NNPC that is importing the product. The cost of doing business has changed, so it becomes difficult to sell at N165/litre

“That is why we are thanking the NNPC for bringing the product to N143/litre. So, our members must sell the product at N165 which is the government-approved price.”

Okoronkwo further revealed that IPMAN and its partner had engaged the services of Benham Group to recover money owed them for the supply of petroleum products.

“Our business requires technology, that is why we brought a seasoned financial expert and we’ve been able to recover a lot of funds in other countries and Nigeria,” he said.

“The incessant mishaps 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.” He noted.

On his part, the Chairman, Benham Group, Maurice Ibe, said the collaboration was to ensure stabilisation of fuel supply at the filling stations.

Meanwhile, the National President, Association of Distributors and Transporters of Petroleum Products in Nigeria, Mohammed Danzaki, said the NNPC had done a lot to import the product, “but the main issue is the transportation.”

“We have not been getting our payments. That is why we engaged a financial expert, Benham Group, to recoup our money for Nigerians to get regular supplies in the fuel stations.” He added.

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