Kano IPMAN clears air on petrol price

The Kano state leadership of the Independent Petroleum Marketers Association of Nigeria (IPMAN) has cleared the air on the new fuel pump price of N108 per liter, saying its members will now sell the product at N123.5 per liter. It would be recalled that independent marketers are being accused for non-compliance to directives issued by […]

The Kano state leadership of the Independent Petroleum Marketers Association of Nigeria (IPMAN) has cleared the air on the new fuel pump price of N108 per liter, saying its members will now sell the product at N123.5 per liter.

It would be recalled that independent marketers are being accused for non-compliance to directives issued by the management of Nigerian National Petroleum Corporation (NNPC) to sell the product at N108 per litre to consumers across the nation.

Speaking to Chronicle, Chairman of the Kano wing of the association, Alhaji Bashir Danmalam, said contrary to the public perception that the reduction was not a general reduction on sales to consumers but on the ex-depot price from N113 per litre.

Danmalam explained that the ex-depot price was the price at which the product was sold to marketers at the depots and not to the general public, adding that the new ex-depot price of Premium Motor Spirit (petrol) was said to be a reflection of the company’s market strategy adopted to ease means of doing business during the trying period of the COVID-19 pandemic in Nigeria.

He said it was very important for the public to understand that the directives by the NNPC was meant for the marketers and that it did not affect the fuel pump price as speculated by the general public.

“The announced reduction in the ex-depot price of petrol, which is the price at which the product is sold to marketers at the depots, affects only the marketers and not the fuel pump price as insinuated by the general public and that is why even the NNPC fuel stations are selling at N125 which is the agreed pump price of the product.

“Even though most of us are getting our supply from the Depot and Petroleum Marketers Association of Nigeria (DAPMAN) to avoid long protocol procedures, it is indeed very important to note here that, the fuel pump price has not been reduced and that is why all fuel stations are selling at the agreed price, “he said.

The chairman also attributed the stabilization of the oil industry amidst the present COVID-19 pandemic in Nigeria to what he termed as steadfastness of the management of NNPC.

He said despite the near collapse of oil prices created by the pandemic the oil industry in Nigeria did not succumb to delusion and it was kept moving.

He added that actions taken by the NNPC in tackling the problems had yielded positive results in ensuring uninterrupted supply and distribution of petroleum products across the country.

The NNPC had recently announced the reduction of ex-depot price from N113.28 per litre to N108 per litre which led many people to think that the new price was for the pump price of the product.