Pump Price: IPMAN seeks compensation for members over losses

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IPMAN

THE Independent Petroleum Marketers Association of Nigeria (IPMAN) in Kano, on Thursday, advocated for palliative measures to support marketers who might have incurred losses due to reduction of pump prices.

Alhaji Bashir Danmalam, IPMAN chairman in the state, told newsmen in Kano that the call was imperative to support its members who had a stock of the products and could incur losses due to the downward review of pump prices.

“We are happy with the development and the Federal Government should be commended for the gesture, however, the government should consider the fact that many of our members with old stock will incur a huge loss. ”

“The measures would go a long way in reducing the loss the marketers might incur since most of them have the old stock, which was supposed to be disposed at the old rate of N145 per litre in order to recover their money.

“Our members have already bought and loaded their vehicles with the product at the old prices from Lagos, Port Harcourt and Warri.”

“So by the time they reach their various destinations, they must sell the product at N125 per litre as against its old price of N145 per litre, a margin of N20 loss,” he said.

Danmalam expressed optimism that the Federal Government would come to their aid as it had promised to support private depot operators.

Also, the Chairman, Salbas Oil and Gas, Alhaji Saleh Baba said the company had so far incurred over N40 million losses to the introduction of pump price regime.

According to him, the company has a stock of over two million litres of petrol before the new pump price regime, adding that it had adjusted to the approved pump price.

He said: “Despite the loss; we complied with the changes because it is a welcome development and for the benefits of Nigerians”.

Also commenting, the Chairman, RASMOH Oil, Alhaji Rabiu Saleh said the company recorded over N1 million losses since the implementation of the new pump price.

“We have over 45, 000 litres in stock; now with the development, we have to adjust our pump prices in good faith. As a business and someone who believes in God, we expect to gain or loss. We have complied with government directives,” he said. (NAN)

– Mar. 19, 2020 @ 17:15 GMT |

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