Petrol Marketers Explain Instant Price Adjustment To Over N600/Litre

Petrol Marketers Explain Instant Price Adjustment To Over N600/Litre

The Independent Petroleum Marketers Association of Nigeria (IPMAN) has stated that its members had to increase the pump price of petrol from N500 to over N617 on Tuesday morning in order to sustain their businesses.

IPMAN President, Chinedu Okoronkwo, explained this during an interview on Channels Television’s Sunrise Daily programme on Wednesday.

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According to Okoronkwo, many IPMAN members were forced out of business after the subsidy on petrol was removed, as they couldn’t afford to load from depots and the Nigerian National Petroleum Corporation (NNPC) Limited.

Due to a price adjustment by NNPC on Tuesday morning, independent marketers had to raise their prices at retail outlets to reflect the current situation.

He emphasized the need to remain in business, stating that if they continued selling at the old price of N520 while acquiring the product at a higher cost, they would face losses.

Some members had already loaded their tankers at the old price, only to be informed later of the price change, leaving them in a difficult situation.

On the other hand, ex-President of the Petroleum and Natural Gas Senior Staff Association of Nigeria (PENGASSAN), Peter Esele, criticized the IPMAN boss’s stance.

He argued that petrol marketers were taking advantage of the situation to make additional profits and suggested that it was morally appropriate for them to sell their old stocks at the old price.