Gbade Ogunwale, Abuja
The Independent Petroleum Marketers Association of Nigeria (IPMAN) has urged the Petroleum Products Pricing & Regulatory Agency (PPPRA) to involve the leadership of IPMAN in consultation before any further reduction in petrol pump price.
In a statement circulated to journalists in Abuja on Thursday, IPMAN National President, Sanusi Fari, also called on other federal agencies in the petroleum sector to carry IPMAN along in price fixing policy decisions.
Fari however, assured that members of the association will comply with the new price regime of N123.50 announced on Tuesday by the PPPRA, a downward review from the N125 price announced by the agency three weeks ago.
The IPMAN President said the marketers were already struggling with an earlier price cut from N145 to N125 before the latest review to N123.50k
The statement said, “We want the PPPRA and other relevant agencies to always carry us along as one of the major stakeholders in the downstream in future strategic decisions of this nature (reduction of pump price).
“The National Executive Committee, NEC, of IPMAN once more commends the federal government of Nigeria for the further reduction of pump price of PMS to N123.50k from N125 per litre.
“We remain grateful to President Muhammadu Buhari for this approval, which will further lessen the burden on the masses. As law abiding citizens, our members shall comply immediately”.
Fari called on the government to consider the fact that most of the marketers sourced their funds from commercial banks at high interest rates.
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According to him, it has become expedient for the marketers to be allowed time to exhaust their stock before further downward price review could come into effect.
Lamenting the challenges faced by the marketers, Fari said, “The previous price reduction affected our members so much that many lost funds which did not go down well with members. Most members deal on borrowed funds from banks with interests.
“We had earlier pleaded then, that sometimes be given to us to exhaust the old stock, but which we did not get any response.
“We call on our members to continue to serve the public based on the new price template by selling between N123.50k and N125 per litre.”