The Independent Petroleum Marketers Association of Nigeria (IPMAN) said the pump price of petrol was increased from N500 to over N617 in order to remain in business.
IPMAN President, Chinedu Okoronkwo stated this while speaking in an interview on Channels Television’s Sunrise Daily on Wednesday.
Okoronkwo, said petrol marketers need to sell their old stocks at the new price to remain in business.
He expressed worry, saying many IPMAN members have gone out of business due to the removal of subsidy on petrol as they were unable to raise money to load from depots and the Nigerian National Petroleum Company (NNPC) Limited.
Okoronkwo said with the price adjustment by the NNPCL, independent marketers raised their prices at retail outlets to match the reality of the times.
He said, “You need to be in business. If you go back, you will go and buy at a new price. Assuming you are selling N520, then there is a sudden change from where you are getting it, you have to still be in business.
“Some of my members have gotten to the level of putting products in their tankers, all of a sudden, there was an information that the price has changed. They didn’t load them again. Some are even battling now to see how they can load on that old price and now the new price.”
Okoronkwo said the timing of the price increment was not the issue but the government must work on how to mitigate the effect of the price adjustment and ease the pressure on the dollar.
Meanwhile, a former President of the Petroleum and Natural Gas Senior Staff Association of Nigeria (PENGASSAN), Peter Esele, faulted the IPMAN president, as he said petrol marketers are taking advantage of the situation to make extra profit.
According to Esele, it is only morally right that marketers sell their old stocks for the old price.
Recall that President Bola Tinubu, in his inaugural speech on May 29, 2023, announced the removal of subsidy on Premium Motor Spirit (PMS) known as petrol.
Following the announcement, the pump price of a litre of petrol rose from N184 to N500. About two months later, the price jumped from N500 to over N617 on Tuesday, July 18, 2023, eliciting anger and criticisms from economically stranded citizens.
