IPMAN Defends Sale of PMS at N200, Warns against Panic Buying

James Sowole in Abeokuta

The Independent Petroleum Marketers Association of Nigeria (IPMAN) yesterday defended the decision of its members to sell premium motor spirit (PMS) at 200 per litre, saying N165 was no longer tenable.

IPMAN, a body of independent petroleum marketers nationwide, warned members of the public against panic buying of petroleum products, particularly the PMS, revealing that reality on ground compelled its members to sell the PMS between N190 and N200 per litre.

The National Ex-officio (Southwest) and former Mosimi Depot Chairman, Alhaji Surajudeen Bada made this clarification in a statement yesterday.

Bada explained that the independent petroleum marketers would continue to be perseverance  and resilient in  buying at any available private depot and sell to the public appropriately.

 He said its members would continue to make petroleum products, particularly PMS available to the general public, saying the current price adjustment was based on the challenges its members are facing in getting the product from government depots.

He, therefore. urged the public “not to engage in illegal storage of petrol as its members would not put unnecessary burden on the general public. Reality on ground made its members to be selling the products at the current price of N190 to N200 per litre.”

Bada said former National President of IPMAN, Chief Chinedu Okoronkwo “is on his own and not in tandem with current realities.

 “He is a factional president. He has no right to issue any statement on behalf of IPMAN. His statement is misleading and capable of causing artificial scarcity and portrays IPMAN members as enemies of the people.

“Today the products are not available in the government depots. I can tell you categorically that Mosimi Depot operated last on March 16. So, where should we get fuel to be sold at government regulated prices?

“All of us as of today purchase from private depots at the cost between N167 and N168 excluding transport and other loading charges which vary depending on the depot and your destination.

“Sometimes, the landing cost is between N175 and N180. How then could any marketer buy at 175 or 180 and sell at N165? The factional president of IPMAN calling members to sell at the rate of N165 government regulated price is totally on his own.

“Nowhere in the country today where you can get product from except private depots at N165. Out of 21 government depot’s across the country with five of them in Southwest, none is dispensing products to IPMAN.

“It is no longer hidden. It is now public knowledge that independent petroleum marketers are not getting fuel from government depots, so why are you trying to create artificial scarcity?

“We hereby call on members of the public not to engage in panic buying as IPMAN would continue to source for fuel at any available private depots and as well sell to them appropriately between N190 and N200,” Bada said.