We Can’t Sell Petrol At N123.50 Per Litre, IPMAN Tells FG

Kano State branch of Independent Petroleum Marketers Association (IPMAN) has said members cannot sell fuel at the newly announced pump price of N123.50 per litre. It, therefore, directed all its members to sell the product at N125 per litre until they exhaust their old stocks.

Kano IPMAN chairman Alhaji Bashir Danmalam, gave the directive while speaking to newsmen in Kano. According to him, members of the association will not comply with the new price regime until after they sold all their old stocks.

He added that the last time the Federal Government reduced the pump price of the product from N145 per litre to N125 per litre, its members nationwide lost over N5.5 billion as a result of the sudden reduction.

“During that period, we had complied with the directives and also pleaded for government’s support to our members who incurred the huge losses due to the sudden reduction in fuel pump price but nothing was given to us.

“However, to our surprise, the private depots owners were paid but none of our members received a dime to that effect. This time around, we will not sell our product until the old stocks we have are exhausted, “he said.

He accused the management of the PPPRA of trying to sabotage the Federal Government’s efforts to ensure sustained fuel supply and distribution across the country through some policies that could plunge the sector into serious crisis. The chairman further stated that the union would not hesitate to ask its members to withdraw their services should any filing station of its member is closed for not selling at the new pump price of N123.50 per litre.

“We hope the Federal Government will see reason and come to the aid of our members as it supported private depots because our members will not continue to operate at loss,” he concluded. The Petroleum Products Pricing Regulatory Agency (PPPRA) had, last Tuesday, announced another reduction of pump price from N125 per litre to 123.50 Per litre. PPPRA’s Executive Secretary, Abdulkadir Saidu, said the new price takes effect from today, April 1, 2020.

This is the second time the Federal Government would be reducing the pump price of PMS in two weeks. It had announced a reduction in the pump price of PMS on 18th March, 2020 from N145 to N125 following the fall in the price of crude oil in the international market.