IPMAN Blames Price Uncertainty For Shutting Of Stations

…Directs Sale Of New Price

Yemisi Izuora

The Independent Petroleum Marketers Association of Nigeria (IPMAN), on Friday explained that filling stations in Lagos were not selling fuel because of the uncertainty of the new pump price.

IPMAN’s President, Mr Chinedu Okoronkwo, made this known in an interview in Lagos, but added that there was no need for panic buying; as the move was based on the price notation to marketers by the PPMC.

He said: “We buy from them and we heard that there is a new ex-depot price.

“Now people will like to know whether that is true from the source so that they will not sell at a loss.

“So the marketers are waiting for clarification from PPMC…A lot of people were not privy to have seen the memo.

“Hopefully, it will be resolved soon and everybody will start selling.’’

Meanwhile, IPMAN, Kano branch on Friday, November 13 issued a mandate to its members across the state to increase the price of Premium Motor Spirit (petrol) from N168 to N170 per litre.

This followed a circular by Pipeline and Product Marketing Company (PPMC) on Thursday, advising the petroleum marketers to sell petrol within the range of N168 per litre to N170 per litre.

This was after a review of the prevailing market fundamentals for the month of November 2020; with effect from Friday, 13th November 2020.

Bashir Dan-Mallam, the Chairman of IPMAN Kano branch, comprising Kano, Bauchi, Jigawa and Katsina states, gave the directive.

He spoke while addressing newsmen in Kano on Friday.

According to him, the association heeded to PPMC advice for the upward review of the pump price of petrol as contained in the circular.

The circular, dated November 11, signed by EDC, Ali Tijjani R., said the PPMC ex-coastal price is N130 per litre; while the ex-deport price is now N155. 17 per litre with effect from November 13, 2020.

“I call on all our members within our branch to immediately change the price of their litres from N160 per litre to between N168 and N170 per litre.

”This development came after we received a circular from PPMC; advising us on the upward review of the price after it reviewed the market fundamentals for the month of November 2020.”

He assured the public of the association’s commitment to ensure steady fuel supply across the state and beyond.

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