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IPMAN, ADITOP Urge Members Not to Hike Fuel Prices

The Independent Petroleum Marketers Association of Nigeria (IPMAN) and Association of Distributors and Transporters of Petroleum Products (ADITOP) have urged their members not to sell Premium Motor Spirit (PMS) above N165 per litre.

This is coming after some members of IPMAN in Lagos urged their members to sell fuel above N180 per litre.

Yesterday, the IPMAN National President, Mr Chinedu Okoronkwo, said his members earlier briefed him on why they wanted a price hike.

Mr Okoronkwo said that the federal government had released enough fuel from their depot which enabled them to maintain the status quo.

He said they had engaged the services of Benham Group to recover money owed to them for the supply of petroleum products, adding that the partnership would help in ending fuel scarcity.

“Our business required 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.

“Leaving the risk for the owner of the truck to bear will affect our businesses,” Mr Okoronkwo said.

“Our members in Lagos were getting the fuel at N170/N173 that’s why they wanted price increased.

“It’s only the Nigerian National Petroleum Company (NNPC) that is importing the product. The cost of doing business has changed, so it becomes difficult to sell at N165 per litre.

“That is why we are thanking the NNPC for bringing the product to N143. So, our members must sell the product at N165 which is the government-approved price,” he added.

Also speaking, the National President, ADITOP, Mr Mohammed Danzaki, said Nigerians had been suffering from fuel scarcity because of problems the association was facing.

“ADITOP and IPMAN are the ones suffering since we need a return for our investment.

“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 recoup our money for Nigerians to get regular supplies in the fuel stations,” Mr Danzaki said.

On his part, the chief consultant and the chairman of Benham Group, Mr Maurice Ibe, said the collaboration was to ensure the stabilisation of fuel supply at the filling stations.

Mr Ibe said they were doing everything possible to stabilise the activities of the downstream sector and ensure that the product was transported to every nook and cranny of the country.

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