South West IPMAN increases fuel pump price to N150 per litre

The Independent Petroleum Marketers Association of Nigeria (IPMAN), South-West Chapter, yesterday, directed all its members in the zone to henceforth increase the pump price of Premium Motor Spirit (PMS), otherwise known as fuel, to N150 per litre.

The South-West IPMAN, which stated that the directive was given after careful deliberations and consideration of many factors, said the zonal executive committee arrived at the conclusion of increasing the pump price to N150 per litre rather than joining saboteurs at creating artificial scarcity of the product.

IPMAN South-West Zonal Chairman, Dele Tajudeen, who spoke with journalists in Abeokuta, the Ogun State capital, said the decision was taken to avert the planned shutdown of the filling stations across the zone.

Tajudeen added that the IPMAN took the decision owing to a new price regime announced by the Petroleum Product Pricing Regulatory Agency (PPPRA).

He lamented that the PPPRA’s new depot price had subjected IPMAN members to a serious dilemma.

“After careful deliberations and consideration of many factors, the IPMAN zonal officers hereby declare that all its members should henceforth increase their pump price to N150 per litre and shelve the plan of total close down of petrol stations across the South-West.

“The PPPRA is not consistent and organised in dealing with the stakeholders. The normal thing to have done is to involve marketers and other parties before announcing any increment.

“It is very disheartening to hear that a new price regime is coming into effect without considering the plight of marketers who buy these products at an expensive price.

“And the Federal Government needs to know that some of us obtained loans from banks to run this business and we have to pay interest on them.

“We are still struggling with debts incurred before this increase with nothing to show for it, or how can somebody work with only N2.00, and yet we will pay workers, maintain the loan and also fulfill our obligations to the government.

“Yes, it is mandatory that we meet the needs of FIRS, pay state taxes, DPR fees, weight and measure fees, salaries of our workers, union dues, insurance fees and of course, buy diesel to power generators at our various filling stations. So, when we remove all these expenses, we are left with almost nothing,” he said.