Blame Fuel Price Hike On Major Marketers --Edo IPMAN Chairman


By: Idris Umar Momoh, Benin

Abdul Egele, the Edo State chairman of the Independent Petroleum Marketers Association Nigeria (IPMAN), Benin depot, on Thursday  said there is no way members of the association can sell the Premium Motors Spirit (PMS) popularly known as fuel at the official government approved price of N165 per litre.

Egele who spoke in Benin City said the current hike in the pump price of fuel in the country was occasioned by the exorbitant price  that the  independent marketers buy from private tank owners.

The IPMAN chairman, who absolved independent marketers of blame in the current lingering nationwide scarcity of petroleum products, noted that motorists currently buy the products between N200 and N250 as against the government approved price of N165 a litre.

He, however, opined that the scarcity and subsequent high price of fuel is not the fault of independent marketers but as a result of high price from private tank owners. 

According to him, there is no way we can sell at the approved price of N165per litre. It is only the  

major marketers with their own tank farms that can afford to sell at the approved price.

"Instead of the regulated official price of N148.17 per litre from private tank owners, the price goes presently goes for between N170 and N180. The only way independent marketers can break even is to sell above the government approved of N165 per litre", he said.

Egele, who also alleged that tank owners are forcing independent marketers to buy a tanker load of diesel for every petrol tanker loaded, lamented that even when they buy the diesel load, they are not still guaranteed a tanker load of petrol.

"The harsh economic reality in the country was such that most independent marketers can hardly get by. We are being forced to spend so much money on diesel which we don't really need", he added.

He, however, appealed to the  federal government to repair the nation's moribund refineries, noting that the rehabilitation of the nation’s refineries will put an end to the incessant hike in the prices of petroleum products in the country. 

"We will engage and collaborate with government and other relevant agencies in the oil and gas sector to fix the depots and refineries.

“If the refineries are fixed, crude oil would be refined in the country and that will help to reduce the incessant increment of pump prices in the country",he stated.

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