South-west IPMAN Kicks against Petrol Price Hike


The Independent Petroleum Marketers Association of Nigeria (South-west), has threatened to stop loading petroleum products in all depots in the region in protest against the recent increase in the price of petrol.

The Petroleum Products Pricing Regulatory Agency (PPPRA) had on July 1 announced a new price band of N140.80 to N143.80 per litre of petrol, up from N121.50 to N123.50.

The Zonal Chairman, IPMAN, South-west, Mr. Dele Tajudeen, said yesterday that the price hike came as a surprise to the association, adding that the PPPRA did not engage marketers before taking the decision.

“I wish to state that the recent pronouncement of PPPRA/NNPC of increase in ex-depot/pump price of PMS is not acceptable to IPMAN South-west. The decision, without consideration of corresponding increase of our profit margin, is unfair and inhuman.

“The increase translates to almost a million naira on every 45,000 litres while our profit margin was reduced, leaving us worse than before. As a responsible association, we demand the NNPC to revert to the earlier ex-depot price of N130.72 sent to us or we boycott supply of petroleum products”.

According to Tajudeen, the ex-depot petrol price of N111.78 per litre was increased to N130.72 on Tuesday last week and then to N133.72 on Wednesday.

“This is not a threat but the government should be sensitive to the plight of marketers. We restate our commitment to the uninterrupted supply of petroleum products in the best in interest of the masses and Nigeria as a nation, but the government must be fair to marketers,” he added.