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IPMAN directs members to revert to old price of N170

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The Independent Petroleum Marketers Association of Nigeria (IPMAN) has directed its members in the southeast zone to revert to the old price of N170 and N175 per litre.

Mr Chinedu Anyaso, Chairman of IPMAN Enugu Community Depot in charge of Anambra, Ebonyi, and Enugu States, stated this in an interview with the News Agency of Nigeria (NAN) in Awka on Friday.

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NAN reports that marketers in the zone adjusted their rates to between N210 and N212 on Friday which consequently threw customers into panic.

The NAN correspondent who monitored the situation in Awka observed that most fuel stations were deserted, while long queues surfaced at NNPC mega station, which was yet to hike the price of petrol.

Mr Victor Emeka, one of the marketers, said the downstream market was in confusion due to disagreeing with directives from NNPC and PPRA.

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According to Emeka, PPRA said we should sell at N212 while NNPC is saying it has not increased price, but the increase has been effected at the depots.

“There is confusion and uncertainty in the system now, the problem is that we are not sure that the increment has ended.

“Curiously, they say the sector is deregulated why would they be determining the price for us,” he said.

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But Anyaso said the increase had been reversed as PPRA had pulled the notice down.

He said no member had reason to sell above the N170-N175 range and directed them to revert immediately in the interest of the public.

“There was uncertainty on the price of the product this morning which made some of our members increase their rates, but I can confirm to you that the increase had been reversed by PPRA.

“So, we have directed our members to revert and respect the old rate pending further development, but I must add that some of my members bought at a high price already,” he said.

Anyaso said marketers would continue to do their businesses with the public interest at heart, but would not undermine their own interest.

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