The Guardian
Email YouTube Facebook Instagram Twitter WhatsApp

We buy petrol at N162, can’t sell at N145, says IPMAN



• ‘Allegation baseless, let them show proof’
• NNPC to boost supply with 100 million litres per day

The Independent Petroleum Marketers Association of Nigeria (IPMAN) says it is impossible to continue the sale of Premium Motor Spirit (PMS) at N145.

Speaking yesterday in Abuja, the Vice President of IPMAN, Abubakar Shettima, said members of the association now buy products at ex-depot price of about N162.00 instead of the official price of N133.28 per litre.

Shettima said marketers, who have paid the NNPC for products are running at a loss daily because products were not delivered to them.

He debunked allegation by the NNPC that marketers were diverting products, insisting no marketer under the association would divert product when they are unable to meet demand from their stations.

“The supply of PMS is the reason behind the queues. Product is not available. IPMAN covers about 85 per cent of the market yet NNPC is not supplying us products.

“What we are getting right now is only 10 per cent of what we are supposed to get. Our supply is down by 90 per cent.

“We are not getting products, how can we divert? There is no way independent marketer will divert product because he already has filling stations that does not have product at all,” he stated.

When asked why the marketers are selling above pump prices, Shettima said unless products are sold at the depot price to marketers, maintaining a pump price of N145 would remain elusive.

The oil marketer said except government focus on making refineries work and allows competition in the industry by creating a level playing field for private sector to bring in products the current situation may not recede.

The Executive Secretary of the Depot and Petroleum Products Marketers Association of Nigeria (DAPMAN), Femi Adewole, said the allegations by the marketers were baseless.

“Did they show you any proof? If they have any proof let them bring it. The minister has also challenged them to bring their proof,” Adewole said.

NNPC Group General Manager, Public Affairs Division, Ndu Ughamadu, said the internal rift in the association is affecting their operations.

“IPMAN is grossly factionalized (with three presidents) a reason we rely on majors for products distribution. We have adequate stock and we are on top of the issue,” Ughanmadu told The Guardian.

Meanwhile, NNPC says that it has programmed to bring in two cargoes (100 million litres) of petrol per day for the rest of February 2018 to boost supply.

The initiative, which will double estimated daily consumption is in a bid to keep the country wet with petrol and eradicate the fuel queues that have resurfaced in some cities, NNPC said.

Also, to enhance supply, 45 million litres of petrol was discharged from ships into jetties across the country yesterday, the group disclosed.

It noted that prior to the fresh 45 million litres discharge, there were 324 million litres of petrol on land and 432 million litres in marine storage making a total of 756 million litres, enough to last for 22 days at 35-million litre daily consumption rate.

The jetties that received the 45 million litres shipments include; Nacj, Apapa; Bop, Apapa; Techo Jetty, Lagos; Dutchess, Oghara; Vine Jetty, Calabar; Chipet Jetty, Lagos; and ECM Jetty, Calabar.

To ensure efficient distribution of the product to depots in the hinterland, the Nigerian Pipeline and Storage Company (NPSC), a midstream subsidiary of the NNPC, has been mandated to fix relevant pipelines to facilitate seamless pumping, in addition to massive trucking arrangement that is in place, NNPC said.

The corporation assures that with the measures in place, the fuel queues being experienced in some cities would soon be a thing of the past.

In this article:
Receive News Alerts on Whatsapp: +2348136370421

No comments yet