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  • News - South West - Lagos
  • Updated: June 21, 2022

Petroleum Marketers Say Members Can Not Continue Selling At N165 Per Litre

Petroleum Marketers Say Members Can Not Continue Selling At

The Independent Petroleum Marketers Association of Nigeria (IPMAN) has revealed that its members can not afford to continue selling petrol at N165 per litre.

This was disclosed to newsmen in Lagos on Monday by the IPMAN chairman at Satellite Depot. 

He said, “Our members can no longer sell at N165."

He further stressed that no reasonable businessman in the oil industry can afford to sell below N180 per litre. 

He lamented that the business environment is no longer friendly for members of the IPMAN, adding that it was the sole reason for the closure of some stations.

“We are not on strike, rather the business environment has been very hostile to us such that we can no longer do business under this condition."

He further explained that loading a litre of petrol costs N162 while transportation within Lagos is between N6 to N8 depending on the distance, adding that the pay for transportation is more outside Lagos. 

“So, If you add N8 to N162, you already have N170 and this product is regulated by the government and the government wants us to sell at N165. 

"We have not added the charges at the depots and the running cost at our stations," as reported by Daily Trust. 

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