We Won’t Sell Petrol Above N165 Per Litre Regulated Price, IPMAN Assures FG

The Independent Petroleum Marketers Association of Nigeria has assured the federal government that its members will not sell Premium Motor Spirit popularly known as petrol above the N165 per litre regulated price.

The Executives of IPMAN, South-West Chapter gave the assurance during a courtesy visit to the Nigerian Midstream and Downstream Petroleum Regulatory Authority.

The association pledged its continuous support to the federal government by ensuring that PMS is available at the regulated price of N165 per litre, at retail stations.

The Zonal Chairman, IPMAN South-West, Alhaji Dele Tajudeen Lamidi, said the purpose of the visit was to seek collaboration and support the Authority, in line with the Petroleum Industry Act 2021.

The Zonal Chairman also highlighted some of the problems his members are facing to include product sharing, rise in penalties, difficulty in getting tax clearance, high cost of doing business in the country, amongst others.

He pledged to the Authority and Nigerians that despite all the challenges the Association is facing, it has resolved not to embark on any industrial action as a conflict resolution technique.

“As far as we are concerned in the South-West, we have gone beyond strike. Strike is not the solution to any problem because if there is a strike, it affects the masses and our businesses.

“We will work together to ensure free flow of petroleum products and also make sure that products are sold at the government-regulated price, if we get them at the normal price’’, the Zonal Chairman said.

The Authority Chief Executive Engr. Farouk Ahmed welcomed the Association as critical stakeholders in the energy sector and assured them of the Authority’s support in their business of distributing petroleum products to all nooks and crannies in the country.

The ACE, according to a statement from the Authority expressed concern about the rise in petroleum product theft and pipeline vandalism, especially line 2B which services Mosimi, Ibadan and Ilorin depots, leading to revenue losses for the government.

He urged South-West IPMAN to assist in checkmating the unscrupulous act as they have done in the past.

He also revealed that the Authority had received complaints of private petroleum depots selling PMS above the approved price, thereby disrupting the entire value chain, leading to higher pricing in some areas.

He called on the Association to report any depot selling products to its members, above the approved ex-depot prices.

The Authority assured the Association of its commitment to ensuring product availability and sustainability of the industry.