Nigeria’s IPMAN (Independent Petroleum Marketers Association) has stated emphatically that it will not sell gasoline for more than N165 per litre.
After IPMAN’s Lagos chapter insisted on selling beyond the N180 price, its national president, Mr. Chinedu Okoronkwo, made the announcement on Wednesday in Abuja.
Both IPMAN and ADITOP have urged their members to adhere to the regulated pricing, which is set by the government.
It has been reported that the FG has released enough fuel from its stockpile to maintain the status quo, and they have begun negotiations with Benham Group to recoup money owing for the delivery of petroleum products.
We brought in a seasoned financial expert and were able to retrieve a significant amount of money from other nations as well as Nigeria, according to Okoronkwo.
Because of the constant truck accidents and destruction, banditry, and kidnapping, we’re bringing in the insurance company to aid us,” says the insurance company representative.
Allowing the truck’s owner to bear the risk will have a negative impact on our operations. For this reason, our members in Lagos requested the petrol prices raised from N170/N173 to N175.
“The product is only imported by the NNPC. Because the cost of conducting business has increased, selling at N165 per liter is no longer feasible.
For this reason, the NNPC is being thanked for making the goods available in N143. As a result, our members are required to sell the goods at the government-approved price of N165,”
Mohammed Danzaki, president of ADITOP, claimed that ADITOP and IPMAN are hurting because they need to make money from their investments.
Although NNPC has made great strides in bringing the goods to market, the primary challenge remains transportation.
In the past few weeks, we haven’t received any money. In order to ensure that Nigerians receive consistent fuel supply, we hired a financial specialist, Benham Group, to recover our money,” Danzaki said.