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Fuel hike in the country may persist for a longer period as agreement between the Independent Petroleum Marketers Association of Nigeria (IPMAN) and Nigeria National Petroleum Company Limited is placed on hold. In a statement credited to The Nation newspaper recently, IPMAN’s National Operations Controller, Mike Osatuyi, said his members still buy Premium Motor Spirit (PMS) from private depot at the rate of N230, leaving them no choice but sell at N250 per liter to the public. NNPCL, the sole importer of petrol, has earlier assured IPMAN of direct supply to their members during a stakeholder meeting and negotiation last month. “We reached an agreement with NNPCL for direct fuel supply last month to give us direct supply of petrol, but till now, we are yet to get the supply. We are still buying from the private depots who sell the product to us at the rate of N230 Per liter… so we can’t sell as regulated price because we don’t even get it at regulated price” Osatuyi explained. He further revealed, that some filling stations owned by depots open inconsistently, selling at the regulated price of N180 Per liter to the public but higher rate of N220, behind the scene to private marketers , adding, that the such stations are locked up without fuel after selling off at the depots at a higher rate instead of the public. According to Osatuyi, IPMAN will only revert back to the government approved pump price of N180 when the group start buying directly from NNPCL at the rate of N113 as transacted with private depots.

#nnpc #fuelscarcity #fuelprices #fuelpricehike #ipman #petrolprice #oilandgas

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