TheCable

The Borno chapter of the Independent Petroleum Marketers Association of Nigeria (IPMAN) has directed its members to reopen all outlets in the state with immediate effect.

Mohammed Kuluwu, IPMAN chairman in the state, issued the directive on Tuesday.

Earlier today, the state chapter of the association directed its members to suspend all operations and shut down filling stations over the enforcement of stipulated pump price by the federal government.

Providing an update on the development, Kuluwu said the state chapter had met with the relevant authority and would hold further consultations.

“Having met with the concerned authority, all filling station should open with immediate effect and continue selling while the association continues with further consultation and accordingly keep you informed,” the statement reads.

On Monday, the association’s western zone branch had asked for more time from the federal government to sell its current petrol stock before conforming to the official price.

Joseph Akanni, vice-chairman, IPMAN western zone, said regulatory agencies had enforced the pump price of petrol at N195 per litre at all filling stations across the country.

Although some concessions have been made, members of the association say the fixed price may cause losses for them.

For months, the country has been experiencing petrol scarcity and price hikes.

Speaking on the issue, Mele Kyari, group chief executive officer (GCEO), Nigerian National Petroleum Company (NNPC) Limited, said the country does not have supply issues but a distribution problem.

He said the distribution challenge arises as a result of a shift in the cost of logistics in the business of transporting fuel from mother vessels to terminals into trucks to fuel stations.

He also accused oil marketers of greed and arbitrage.