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The Independent Petroleum Marketers Association, IPMAN, have on Wednesday kicked against the N123.50 new fuel pump price saying it members will not comply with the adjustment until it exhausted it old stocks.

This was as it says it members incurred losses to the tune of N5.5 billion from the N125 price.

The Chairman, Kano branch of IPMAN, Alhaji Bashir Danmalam stated this while speaking with newsmen in the state on the development of the new N123.50 pump price.

Recall that the Federal government reduced the price from N145 to N125 and now to N123.50.

Danmalam said, “the last time the Federal Government reduced the pump price of the product from N145 per litre to N125 per litre, our members nationwide lost over N5.5 billion as a result of the sudden reduction.

“We called on the government to compensate or support our members who incurred the huge losses due to the sudden reduction in fuel pump price but nothing was given to us.

“But to our surprise, the private depot’s owners were paid but none of our members was supported to cushion the losses they incurred. This time around we will not sell our product at that price until the old stocks are exhausted. We will not continue to operate at loss.

“Apart from the {the largest employer of labour in the country and we cannot afford to continue to support the government at this trying time while as business people we are operating at loss.

“Even though we are happy with the new development and the Federal Government should be commended for the gesture but the government should consider the fact that no sane marketer or businessman will continue operating his/her business at loss.

“Before the last announcement, many of our members have already bought and loaded their vehicles with the product at old prices from Lagos, Port Harcourt and Warri and we spend five to seven days before reaching our destinations. So we are not going to sell the product at the new price until we sell the old stocks.

“The management of the PPPRA should be accused of trying to sabotage the Federal Government’s efforts to ensure sustained fuel supply and distribution across the country through some policies that could plunge the sector into a serious crisis.

“We would not hesitate to ask our members to withdraw their services should any filling station of its member is closed for not selling at the new pump price of N123.50 per litre,

“We hope the Federal Government will see reason and come to the aid of our members as it supported private depots because our members will not continue to operate at loss,” Danmalam stated.

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