IPMAN alleges plan to ease it out of business

Independent Petroleum Marketers’ Association of Nigeria (IPMAN) has alleged moves by the Nigerian National Petroleum Company (NNPC) to ease its members out of oil business.

The group lamented discrepancy in the prices of Premium Motor Spirit (PMS) for major and independent marketers. The IPMAN Chairman, Yola Depot, Alhaji Abubakar Abdullahi Butu, said: “It has been a recurring incident for the Federal Government to increase oil prices without prior dialogue with IPMAN, as a major key player.”

Abubakar expressed displeasure over the discrepancy in oil prices for marketers. He disclosed that while PMS is sold to IPMAN for N133:72k to be sold N140:80k, it wasn’t so with the major marketers.

He said it was wrong and un-businesslike for government to increase capital and reduce profit margin, recalling that, “when petroleum was sold at N125, we were making N11:72k profit margin, but now that it has been jerked up to N140:80k, our profit margin has been reduced to just N7:02k.

“It is now obvious that the Federal Government is using NNPC to force us out of business.”  He pleaded with relevant authorities to always carry IPMAN along, while deliberating pump price adjustment, “since we are the customers with cash.”