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South West IPMAN Meets NMDPRA, Says Fuel Price To Remain N165/Litre At Stations

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According to a statement issued on Saturday 2nd June 2022 by Kimchi Apollo, the general manager of the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA), corporate communications department. The Independent Petroleum Marketers Association of Nigeria (IPMAN) South-West Zone has announced that its members will sell petrol at N165 per litre if they purchase it at the ex-depot price set by the government. IPMAN made this declaration during a courtesy visit to Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA). The marketers have been at odds with NMDPRA over bridging cost and ex-depot price of petrol at privately owned depots. Engr. Ahmed who welcomed the Association as critical stakeholders in the energy sector, assured them of the Authority’s support in their business of distributing petroleum products to every part of the country. Ahmed also expressed concern over the increase in pipeline vandalism and theft of petroleum products, especially line 2B, which serves the Mosimi, Ibadan, and Ilorin depots leading to revenue losses for the government. Ahmed said that the authorities had been informed of concerns regarding private petroleum depots selling PMS above the approved price, which had disrupted the entire value chain and raised petroleum prices in some areas. He urged the Association to report any depot selling products to its members, above the approved ex-depot prices. Alhaji Dele Tajudeen Lamidi, the Zonal Chairman of IPMAN South-West, in his speech mentioned a number of issues encountered by the marketers which include product sharing, increase in penalties, challenges in obtaining tax clearance, and the high cost of doing business in the country, among others. He assured the authority and Nigerians that the association has decided not to engage in any industrial action as a method of conflict resolution despite all the difficulties it is encountering. “As far as we are concerned in the South-West, we have gone beyond strike.  A strike is not the solution to any problem because if there is a strike, it affects the masses and our businesses. “We will work together to ensure free flow of petroleum products and also make sure that products are sold at the government-regulated price, if we get them at the normal price”, the Zonal Chairman said.

There have been concerns on the possibility of a potential hike in the price of PMS. The statement issued by the zonal chairman of IPMAN serves to refute such growing concerns. The prices of AGO and MGO do not seem to be affected by this recent development.

Source:  The cable, Vanguard NGR

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