IPMAN: Why there’s petrol price hike in some states

The Independent Petroleum Marketers Association of Nigeria (IPMAN), western zone, has attributed the increase in the pump price of petrol to a hike in private depot prices.

NAN reports that Dele Tajudeen, chairman, IPMAN western zone, made this known on Tuesday in Lagos.

Tajudeen, while condemning the situation, said there had been an increase in the depot price of petrol from N148.17 per litre to N178 per litre since last week.

He said none of the Nigerian National Petroleum Company (NNPC) Ltd depots had products and the private depots took advantage of the situation.

“The only option for our members is to opt for private depots to keep our business moving,” he said. 

“We are totally against the increase because it will affect our profit margins and the masses.

“Some private depots who have product, deliberately, refused to sell for reasons best known to them.” 

The IPMAN chairman said the marketers should not be blamed for the increase in pump price, adding that “selling at N170 per litre is not realistic”.

“Therefore, our members have no other option than to sell between N195 and N200 per litre within Lagos, Ogun and Oyo states, while we will sell between N200 and N210 in Kwara, Ondo, Osun and Ekiti states,” he said. 

“Most of the tank farm owners have justified this increase because of different charges, among which is vessel charges paid in dollars.

“We are equally calling on the management of the Nigerian National Petroleum Company and the Nigerian Midstream and Downstream Petroleum Regulatory Authority to investigate the arbitrary increase in fuel price by the private depot owners.”