Petrol marketers agree to sell fuel for N123

The Independent Petroleum Marketers Association of Nigeria (IPMAN) said they have agreed to sell petrol for N123 in compliance with a government directive.

“The National Executive Committee (NEC) of IPMAN once more commends the Federal Government of Nigeria for the further reduction of the pump price of PMS to between N123.50k and N125 per litre,” IPMAN president Sanusi Fari said in a statement.

“As law-abiding citizens, our members shall comply immediately.”

The government through the Petroleum Products Pricing and Regulatory Agency (PPPRA) on Wednesday reduced fuel price from N125 to N123.

PPPRA said the reduction in fuel price was necessitated by its monthly price modulation initiative.

IPMAN, however, disagreed with the government agency, saying it members will not comply and continue to run at a loss in sales.

The association also threatened to cease selling if the government close down any petrol station in the country.

Retracting the earlier statement, IPMAN said they will sell for the new price “which will further lessen more burden on the masses.”

Fari said the previous reduction done by President Muhammadu Buhari in mid-March affected their members so much that they lost funds which did not go down well with members.

“Most members deal on borrowed funds from banks with Interests,” Fari said, “We had earlier pleaded then, that some time be given to us to exhaust the old stock which we did not get any response.”

Fari appealed to PPPRA and other relevant agencies to communicate with the association in future strategic decisions of such nature.