IPMAN Plans to Crash Prices of Petrol, Kerosene


Chineme Okafor in Abuja

The Independent Petroleum Marketers Association of Nigeria (IPMAN) has said it plans to crash the pump prices of petrol and kerosene in the country as soon as the Central Bank of Nigeria (CBN) and the federal government fulfill their strategies to buoy the naira against the dollar and also deliver cargoes of kerosene into the country.

A faction of IPMAN led by Mr. Chinedu Okoronkwo disclosed recently in Abuja that federal government has placed order to import huge cargoes of kerosene into the country. The association said it has received assurances from the government that its members will receive good quantities of the supply when the cargoes arrive.

The association said this would also come without any of its members paying bribes to anyone or government officials before getting their allocations delivered to them.
IPMAN’s Board of Trustees (BOT) chairman, Alhaji Sharif Abubakar Usman said this when the eastern zonal executive of the association was recently inaugurated in Abuja.

His assertions were further buttressed by IPMAN’s President, Okoronkwo who explained that the CBN’s planned increase of access to foreign exchange (forex) would lead to a fall in the pump prices of petroleum products.

He added that the association will take advantage of that opening to sell at affordable prices to Nigerians at its filling stations across the country.

“Very soon, the products DPK and AGO will be in circulation under the leadership of Elder Chinedu Okoronkwo. Those that are not aware they are aware now. Sooner or later but I cannot say today or tomorrow but very soon AGO will arrive. DPK will arrive this country under the leadership of Okoronkwo.

“These products we got them from the federal government and it is in large quantity. Not small quantity that you will say is five or 10 metric tons. No, it is more than that and it will go round. Everybody will get his own share,” Usman said
He further told its members at the meeting that kerosene which is currently scarce in the country will soon be circulated sufficiently to them.

He noted that upon arrival, no member will be required to lobby or bribe to secure their allocations.

“And when it arrives each and every one of us will get allocations. Sit down where you are. You don’t have to bother yourselves because it is time to fight corruption

“We agree with that and we are in support of the federal government. I say sit where you are that you don’t have to come to Abuja to give bribe looking for allocation of two or three trucks of product. Go to your depots manager, go to your zonal chairman, you will get it, you don’t have to waste time going to Lagos or Abuja for the product,” he added.

Similarly, in his response as to how much the kerosene will sell at their filling stations, Okoronkwo said, “it will be lesser than what the NNPC retail outlets will be selling.”
Asked whether the prices of petroleum products will go up as recently speculated in some quarters, Okoronkwo said CBN’s expected intervention will culminate in the appreciation of the naira against the dollar.

He also stated that upon that, importers and marketers will take advantage of the opening to import products and sell at prices lesser than what it is today.

“Right now, you are aware that some Bureau De-Change have qualified to get the forex. And very soon there will be forex in the system, where people can now leverage.

“And if we have enough forex which means the price at which people are getting it now will drop. And it will now impact in every other business, and I think we should be following the trend. Very soon the CBN will release dollar and that will make the naira to appreciate and crash the dollar.
“For marketers, importers and manufacturers everything will begin to rejuvenate again. IPMAN will also leverage on this window to ensure that our products come at a price that members of this country will enjoy, at a price that will not be what it is right now,” Okoronkwo explained.