WHY WE INCREASED FUEL PRICE AGAIN — IPMAN PRESIDENT
Read Time:1 Minute, 39 Second
By F.A. Oduola
The Independent Petroleum Marketers Association of Nigeria (IPMAN) says its members had no choice than to immediately increase fuel pump price per litre of petrol from N500 to N560-N617.
Speaking on Channels Television’s Sunrise Daily programme on Wednesday, IPMAN President, Chinedu Okoronkwo, said the action needed to be taken in order to stay afloat of in the market.
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 an information that the price has 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 head of IPMAN claimed that while the timing of the price increase was not the problem, the government needed to figure out a way to lessen its effects and relieve pressure on the dollar.
Peter Esele, a former president of PENGASSAN (the Nigerian Association of Petroleum and Natural Gas Senior Staff), criticised the IPMAN director.
On Wednesday, Esele, who was also a guest on a series on Channels Television, claimed that gasoline retailers were taking advantage of the situation to increase their profits, claiming that it was only morally correct for retailers to sell their old inventories for the previous price.
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