IPMAN threatens to increase fuel price to N160

The Ore depot branch of the Independent Petroleum Marketers Association of Nigeria has threatened to increase petrol price from the approved price of N145 to about N160 per litre.

The chairman of the branch, Shina Amoo, who said this in an interview with our correspondent in Ile Ife on Saturday, explained that marketers in some states in the South-West would not have to increase petrol price because Depot and Petroleum Marketers Association of Nigeria had increased the price of fuel sold to marketers by N16.


Amoo pointed out that such action would push petrol price to about N160 per litre. He noted that though the Nigerian National Petroleum Corporation did not increase the price they supplied the product to private depot owners, the latter had chosen to sell the product to marketers at N144 per litre.

He said, “We want members of the public to know that we can no longer continue to sell fuel at the government approved price. The private depot owners sell a litre to us at a price between N142 and N144 per litre, which should be sold at N133.28. They got the product from the NNPC at N117 per litre.

“We will transport the product from the depots to our various stations and pay workers as well as incur other expenses. So, how will anybody expect us to continue to sell fuel to consumers below the cost price? It is not possible. We will have to increase fuel price to about N160 per litre.”

Amoo, therefore, appealed to the NNPC to expedite action on the Ore depot so that marketers in Ondo, Osun and Ekiti states would be able to lift petroleum products directly from the depot.

Recently, the Lagos State branch of IPMAN had threatened to embark on an indefinite strike beginning from December 11 because of the alleged breach of the bulk purchase agreement to sell fuel to them at N133.28k per litre by the NNPC.