Fuel Hike: IPMAN Attributes Increase To Increase In Private Depot Prices

The Independent Petroleum Marketers Association of Nigeria (IPMAN), Western Zone, has attributed the increase in Premium Motor Spirit pump prices to an increase in private depot prices.

In an interview with newsmen on Tuesday in Lagos, Alhaji Dele Tajudeen, Chairman of IPMAN Western Wone, revealed this.

While condemning the increase, Tajudeen stated that the depot price of fuel had risen from N148.17 per litre to N178 per litre since last week.

He claims that none of the Nigerian National Petroleum Company Ltd. (NNPC) depots have product, and that private depots have taken advantage of the situation to raise prices.

“Our members’ only option is to use private depots to keep our business running.”
“We are completely opposed to the increase because it will have an impact on our profit margins as well as the general public.”

“Some private depots with product have purposefully refused to sell for reasons best known to them,” he said.

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

“As a result, our members have no choice but 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,” Tajudeen explained.

“Most tank farm owners have justified this increase by citing various charges, including vessel charges paid in dollars.”
“We also urge the management of the Nigerian National Petroleum Company Ltd. (NNPC) and the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) to look into the arbitrary increase in fuel prices by private depot owners.”

However, a top official of the Depot and Petroleum Marketers Association of Nigeria (DAPMAN), who requested anonymity, told NAN that the scarcity was caused by a NNPC product allocation shortfall.

According to the source, DAPPMA had numerous performance invoices with the Petroleum Products Marketing Company (PPMC) that were still awaiting cargo deliveries.

According to the source, the Major Oil Marketers Association of Nigeria (MOMAN) received a large portion of unallocated invoices before NNPC.

“We have a large number of unallocated invoices before NNPC.”

“Ex-depot prices have ranged between N162 and N163 per litre for marketers in Lagos and its environs, and between N164 and 165 for marketers outside Lagos, such as Calabar, Port Harcourt, Owerri, and others.”

“Due to financial constraints, some foreign vessels that arrived in the country refused to discharge.”

“The product shortfall can best be explained by NNPC and its agencies,” he said.

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