Energy

IPMAN objects to plans by private depots to hike fuel prices

The Independent Petroleum Marketers Association of Nigeria (IPMAN) has rejected the proposed scrapping of the Petroleum Equalisation Fund (PEF), asserting that it fosters national unity.

The Independent Petroleum Marketers Association of Nigeria (IPMAN), Kano State has alerted the Federal Government of a decision by some private depot owners to raise the pump price of petroleum products in order to cause a fresh fuel crisis in the country

PMAN Chairman Kano chapter, Bashir Danmallam, made the accusations in a statement issued to newsmen in Kano on Friday.

He said some of such private Depot owners had increased the price of the commodity from N148 per litre to between N153 and N155 per litre since on Friday last week.

He said the association found it necessary to alert the government in order not to blame its members in the event they increase the price of the commodity as they would not sell the product at loss.

“IPMAN is accusing some private depot owners of trying to sabotage the Federal Government by unilaterally increasing their prices despite the fact that the government has not raised the fuel pump price.

“We are equally calling on the Management of the NNPC to investigate the issue as some of the private depot owners have since Friday last week jerked up the price from N148 per litre to between N153 and N155 per litre. We know it’s only the Federal Government that imports fuel, not private depot owners” he said.

“As I am talking to you now private depots in Warri, Calabar Lagos and Oghara have increased their prices. We hope the management of the NNPC will investigate and intervene,” Danmalam said.

He also accused the private depot owners of trying to cause a fuel crisis in the country by closing the depots as the end of the year is fast approaching in order to maximize profit.

He said the association would not fold its arms and allow such private depot owners to engage in unnecessary price increase while the public is always accusing their members of flagrant increase in fuel prices.

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