Why Fuel Price Was Increased Again — Petrol Marketers

Posted by Samson Kankan Featured, Latest Headlines, News Across Nigeria Wednesday, July 19th, 2023

(AFRICAN EXAMINER) – The Independent Petroleum Marketers Association of Nigeria (IPMAN) says its members immediately increased the pump price per litre of petrol from N500 to N560-N617 on Tuesday morning to stay afloat.

IPMAN President, Chinedu Okoronkwo, spoke on Channels Television’s Sunrise Daily programme on Wednesday.

According to him, many IPMAN members have gone out of business due to the removal of subsidy on petrol as they were unable to raise money to load from depots and the Nigerian National Petroleum Company (NNPC) Limited.

Okoronkwo said with the price adjustment by the NNPCL on Tuesday morning, independent marketers raised their prices at retail outlets to match the reality of the times.

“You need to be in business. If you go back, you will go and buy at a new price. Assuming you are selling N520, then there is a sudden change from where you are getting it, you have to still be in business,” he said.

“Some of my members have gotten to the level of putting products in their tankers, all of a sudden, there was information that the price had changed. They didn’t load them again. Some are even battling now to see how they can load on that old price and now the new price.”

The IPMAN boss said the timing of the price increment was not the issue but the government must work on how to mitigate the effect of the price adjustment and ease the pressure on the dollar.

However, an ex-President of the Petroleum and Natural Gas Senior Staff Association of Nigeria (PENGASSAN), Peter Esele, faulted the IPMAN boss.

Esele, who was also a guest on Channels Television’s programme on Wednesday, said petrol marketers are taking advantage of the situation to make extra profit, arguing that it is only morally right that marketers sell their old stocks for the old price.