While reacting to the long queues that have resurfaced due to the scarcity of fuel in some Nigerian States, the Independent Petroleum Marketers Association of Nigeria (IPMAN) has finally backtracked on the pump price of Premium Motor Spirit (PMS), otherwise known as petroleum.
The Association had advised that Nigerians should stop panic buying of PMS while reiterating that its members would sell PMS at government approved price of ₦165 per litre.
President of the Association, Elder Chinedu Okoronkwo spoke at a press conference on Wednesday at the backdrop of earlier indications by petroleum dealers that the pump price of ₦165 per litre was no longer sustainable.
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He urged members of IPMAN to maintain the “status quo” of ₦165 per litre, particularly in Lagos where the Association Secretary, Mr Akeem Balogun on Monday declared a PMS pump price of N180 per litre.
According to him, the Nigeria National Petroleum Company Limited (NNPC) and the Petroleum Products Marketers Company (PPMC) have released petroleum products from their tank farms that could sustain the nation for the next 32 days, hence, there was no need for panic buying.
He said: “The Status quo ante must be maintained moving forward since the NNPC and the PPMC have responded positively by releasing products from their tank farms that can sustain the product needs of the country for 32 days.”
Explaining why the IPMAN Secretary in Lagos arrived at N180 per litre on Monday, the President said: “The decision was taken because its members could no longer operate at a loss.
“While the government had fixed ₦165 per litre as the pump price of petrol, the current realities in the market showed that the minimum the product should be retailed at the stations should be ₦180.
“I told you the cost of doing business has changed and my members in Lagos before they did what they did, they called me and told me that they are now getting this product at ₦162 to ₦165 per litre with transportation another ₦8, aggregating to about ₦170 to ₦173, even the N10 which is supposed to be our gain has been eroded, what do we do?
“Now you know and I know that it is only NNPC that imports this product into Nigeria. Some of these tank farm owners who have gone to collect this product, don’t blame them because the cost of doing business has also changed.
“It became so difficult for them to sell at ₦148.17, but yesterday I want to tell you that NNPC and PPMC went to their tank farms and released products.”
“That is why we are thanking them that with this product, we can now access the product at ₦148.17″, he said.