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The Independent Petroleum Marketers Association of Nigeria (IPMAN) has instructed its members not to sell Premium Motor Spirit (PMS), also known as petrol, for more than the approved pump price of N165 per litre.

This comes as a reversal of its earlier directive to its members to sell petrol at N180/litre.

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Recall that the Lagos Chapter of IPMAN through its secretary, Akeem Balogun on Monday had announced that it would no longer be able to sell petroleum below N180.

However, IPMAN’s National President, Chinedu Okoronkwo in a joint press conference with the Association of Distributors and Transporters of Petroleum Products (ADITOP) in Abuja directed members to stick to the approved price of N165 per litre.

He acknowledged that members of the association had called for an increment in petrol price, but noted that the Nigerian National Petroleum Corporation Limited (NNPC) had released sufficient stock of Petroleum products from its tank farms.

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He said, “The cost of doing business has changed, and it is only NNPC that imports Petroleum products. Our members in Lagos were getting the products at N170 to N173/litre, and that is why they were calling for an increment in price of petrol. But yesterday, NNPC released Petroleum products from its tank farms. That is why we are grateful to them that, with this product we are now accessing at N148.17k, status quo ante must be maintained moving forward; and from what they told us they have sufficient stock of Petroleum products that can last up to 32 days.”

The IPMAN boss further disclosed that Petroleum marketers and transporters had begun negotiations and engaged the services of a consulting firm, Benham Group to recover money owed them for the supply of petroleum products.

“Our business requires technology, that is why we brought a seasoned financial expert and we have been able to recover a lot of funds in other countries and Nigeria.

“The incessant accidents and destruction of trucks on the road, banditry and kidnapping is the reason we are bringing the insurance company to help us,” Okoronkwo explained.

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On his part, the National President, ADITOP, Alhaji Mohammed Danzaki, said ADITOP and IPMAN are the ones suffering since they need returns for their investments.

“NNPC has done a lot to import the product but the main issue is the transportation.

“We have not been getting our payments. That’s why we engaged a financial expert, Benham Group, to recover our money for Nigerians to get regular supplies in the fuel stations,” Danzaki said.

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(Sun)