IPMAN Gives Reason For Fuel Scarcity, To Increase Price

The Independent Petroleum Marketers Association of Nigeria has disclosed that there will be an increase in pump price of petrol across the country, following the “hostile working environment” its members are subjected to.

Disclosing this in an interview with Channels Television, the Lagos Zonal Chairman of IPMAN, Akin Akinrinade explained that its members did not embark on strike but can’t continue to operate in a hostile setting.

He said, “Members of Independent Petroleum Marketers Association of Nigeria IPMAN have shut down their stations, not because we are striking; we are not on strike.

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“Rather, the business environment has been very hostile to us such that we can no longer do business under this condition. For you to load a litre of petrol, you pay in N162 per litre.”

Akinrinade said that it was no longer feasible to sell the product at the recommended price of N165 to a litre, adding that the landing cost of petrol was between N175 to N178 naira to the litre.

“Our members can no longer sell (petrol) at N165 per litre; in fact, there is no reasonable person in this business that can sell below N180 per litre, so it is not as if we are on strike,” he concluded.