Selling Petrol at N40 Not Realistic – IPMAN

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THE Independent Petroleum Marketers Association of Nigerian, Ogun State chapter, has said that it would be difficult for Muhamadu Buhari, president-elect, to reduce the petroleum pump price to N40 per litre. The association said the situation in the industry could not allow such reversion, saying, it could, however, be reversed to N87 per litre if the federal government builds refineries in some parts of the country.

Aminu Abdulkadri, IPMAN National President
Aminu Abdulkadri, IPMAN National President

Adeleke Bada, chairman, IPMAN in the state, said the advice given by Tam David West, former minister of petroleum resources, to the president-elect to reduce the pump price to N40, was not realistic. “That is not possible, if you look at the nature of the market, that isn’t realistic. Do we have the refineries? The only reason that can be possible is when we have our own refineries and we do not export our crude oil for processing. If the processing is done in Nigeria, then it can be sold at the rate of N40 but not until all the refineries are fixed,” he said.

Bada, however, blamed the non-compliance of sale of premium motor spirit at the N87 stipulated price on the expenses incurred by the marketers while trying to get the fuel available for the masses to use. He said the levies being paid by the marketers to various regulatory associations and unions have made the marketers to inflate the prices of fuel to their desired amount. “That is why they do not want to leave IPMAN alone. The government has not increased the price of fuel; it is still N87 per litre.

“But by the time you get to the depot, after paying around N2.6million for your ticket, a lot of levies are to be paid, levies from PTD, IPMAN and all others, adding them all together with the cost of transporting your trucks to the station, no one is ready to run at a loss. I even give them (marketers) kudos for selling the fuel because they do not want the masses to suffer despite all these anomalies. That is why if you can afford to buy it at the prices they sell, and then go on because we make use of it every day.”

— May 4, 2015 @ 01:00 GMT

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