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  • Oil & Gas - News
  • Updated: June 22, 2022

IPMAN, ADITOP Urge Members Not To Sell PMS Above N165

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Lawrence Agbo
Lawrence Agbo

Lawrence is a vibrant journalist that loves creating SEO-focused content that drives businesses. ...

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The Independent Petroleum Marketers Association of Nigeria (IPMAN) and Association of Distributors and Transporters of Petroleum Products (ADITOP) have urged their members not to sell Premium Motor Spirit (PMS) above N165 per litre.

This is coming after some members of IPMAN in Lagos urged their members to sell fuel above N180 per litre.

Speaking at a news conference in Abuja on Wednesday, the IPMAN National President, Chinedu Okoronkwo, said his members earlier briefed him on why they wanted a price hike.

Okoronkwo said that the Federal Government had released enough fuel from their depot which enabled them to maintain the status quo.

He said they had engaged the services of Benham Group to recover money owed to them for the supply of petroleum products, adding that the partnership would help in ending fuel scarcity.

“Our business requires technology, that is why we brought a seasoned financial expert and we have been able to recover a lot of funds in other countries and Nigeria.

“The incessant accidents and destruction of trucks on the road, banditry and kidnapping is the reason we are bringing the insurance company to help us.

“Leaving the risk for the owner of the truck to bear will affect our businesses,” Okoronkwo said.

“Our members in Lagos were getting the fuel at N170/N173, that’s why they wanted the price increased.

“It’s only the NNPC that is importing the product.

"The cost of doing business has changed, so it becomes difficult to sell at N165 per litre.

“That is why we are thanking the NNPC for bringing the product to N143.

"So, our members must sell the product at N165, which is the government-approved price.”

Also speaking, the National President, ADITOP, Alhaji Mohammed Danzaki, said Nigerians had been suffering from fuel scarcity because of problems the association was facing.

“ADITOP and IPMAN are the ones suffering since we need a return for our investment.

“NNPC has done a lot to import the product but the main issue is the transportation.

“We have not been getting our payments.

"That’s why we engaged a financial expert, Benham Group, to recoup our money for Nigerians to get regular supplies in the fuel stations,” Danzaki said.

The chief consultant and the chairman of Benham Group, Dr Maurice Ibe, said the collaboration was to ensure the stabilisation of fuel supply at the filling stations.

Ibe said they were doing everything possible to stabilise the activities of the downstream sector and ensure that the product was transported to every nook and cranny of the country.

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Lawrence Agbo
Lawrence Agbo

Lawrence is a vibrant journalist that loves creating SEO-focused content that drives businesses. ...

More From this Author

LOCAL OIL PRICES

AGO - Diesel

224.43 per litre 2.7

Last: 218.53 | Monday 07, September 2020

PMS - Petrol

151.56 per litre 9.33

Last: 138.62 | Monday 07, September 2020

LPG - Propane Gas

1981.07 per litre -0.72

Last: 1995.35 | Tuesday 31, March 2020

DPK - Kerosene

334.16 per litre 2.21

Last: 326.93 | Tuesday 31, March 2020
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