Scarcity: We’re in talks with FG to sell petrol at N165 a litre, says IPMAN

The Independent Petroleum Marketers Association of Nigeria (IPMAN) says it is in talks with the federal government to sell petrol at the regulated price. 

IPMAN said the Pipelines and Product Marketing Company (PPMC) asked it to nominate two private depots in Lagos where their members could procure petrol at the regulated price.

Akin Akinrinade, chairman, Lagos satellite depot, IPMAN, confirmed the development to NAN on Friday in Lagos.

He said the move was part of efforts by the federal government and the independent petroleum marketers to resolve the lingering fuel scarcity across Lagos state.

“They have asked us to nominate private depots where we can receive petrol in Lagos and we are looking at depots at Ijegun-Egba,” he said. 

“Once we are able to finalise the arrangement and we get supply from there, our members can buy at the approved ex-depot price of N148.17 per litre.

“This will enable independent marketers to sell petrol at their retail outlets for the regulated pump price of N165 per litre.”

Akinrinade said some private depots were currently selling petrol at N165 ex-depot price which had made marketers sell at the pump above N180.

He also said the Nigeria Pipeline and Storage Company (NPSC) had been unable to pump products from Atlas Cove to Ejigbo Depot due to vandalism of the pipelines.

“Two or three weeks ago, they tested it by pumping water into it and they discovered that it was ruptured by vandals at about five points,” Akinrinade said. 

“That is what they are trying to fix now and we equally want to appeal to the Lagos state government to come to their aid.

“Security of life and property is the duty of the government and the pipeline is passing through residential areas and yet we are having this issue of vandalism.

“So, you cannot put the blame of the scarcity of petrol entirely on PPMC.”