Tuesday, August 4, 2020

Scarcity looms as south-west marketers ‘stop lifting fuel’

Scarcity looms as south-west marketers ‘stop lifting fuel’
January 29
07:55 2017

The south-west zone of the Independent Petroleum Marketers Association of Nigeria (IPMAN) says some of its members have stopped lifting fuel because the official pump price of N145 per litre is “no longer sustainable”.

According to PUNCH, the marketers stopped dispensing fuel last week and have also not lifted new product “because they are no longer breaking even”.

Debo Ahmed, IPMAN chairman in the south-west, said 90 percent of its members can no longer continue with the business.

He advised the federal government to deregulate the petroleum sector so that marketers could buy and sell the product at a price that will be fair to everyone.

“The result of this is that about 90 percent of our members who can no longer continue with the business, have already stopped lifting fuel while the remaining 10 percent have threatened to also close down their stations if nothing is done to remedy the situation this (last) week.

“Unfortunately we cannot sell above the pump price of N145 per litre in the south-west if we don’t want to incur the wrath of the Department of Petroleum Resources. Our colleagues in the north, south-east and south-south are running their own businesses because they are selling above the pump price.”

Not less than 3,000 fuel dealers are under the south-west IPMAN.

Lagos, Ondo, Oyo, Osun, Ogun, Ondo are the south-west states that would be affected by the scarcity that could arise from the marketers’ decision.


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NOTE: The black market rates represent the most prevalent. They could be slightly higher or lower among different sellers.