Reason Behind The Increased In Petrol Price -IPMAN

Reason Behind The Increased In Petrol Price -IPMAN

The Independent Petroleum Marketers Association of Nigeria (IPMAN) has attributed the recent increase in the price of gasoline at the pump to an increase in the cost of petroleum at the ex-depot.

During the recent month, as fuel shortages intensified in several regions of the nation, many fuel stations raised the price of gasoline at the pump to levels greater than the statutory N165 per litre.

For example, in certain regions of Lagos, Ogun, and Bayelsa, the price of a litre of fuel rose to as high as N200 to N300 per litre in some instances.

Mr Douglas Iyike, Chairman of the IPMAN Benin Depot, made the statement in response to a directive given by the Nigeria Union of Petroleum and Natural Gas Workers, which requested that the pricing be reversed, according to IPMAN.

As he points out, the increase is a result of the increase in the ex-depot price of fuel, which should be the area where NUPENG should target its threat rather than the region where the threat should be directed at marketers.

“We have read in newspapers the supposed 24-hour notice issued to marketers regarding the increment in the pump price of petrol.

“We want to place it on record that the increment is not due to any fault of oil marketers because we can only sell based on the price at which we buy petrol from the depots.

“There has been an increment in the ex-depot price which has left marketers with no option than to increase the pump price of petrol above the official N165 per litre in recent weeks.

“We believe that addressing the issue of the ex-depot price should be the focus of NUPENG and not attempting to picket petrol stations which might lead to a breakdown of law and order,” he told NAN.