The Independent Petroleum Marketers Association of Nigeria (IPMAN) has revealed why stations across the country are currently selling fuel as high as ₦730 per litre.
Vanguard newspaper reports that IPMAN revealed that the higher pump prices were caused by operators being left to source products from the open market.
“We buy from tank farm owners, major marketers, and depot owners. For some time now, we have not been able to get products from NNPC because the portal is down,” said IPMAN’s Public Relations Officer, Chief Chinedu Ukadike.
He explained that the costs incurred in transportation and logistics necessitate the price hike at their pumps.
Naija News reports that the Chairman of IPMAN Aba Depot, Maxi Oliver Okolo, also discussed the reason behind the higher pump pricing at IPMAN-operated stations, stating that independent marketers were loading at N800 per litre from privately held depots.
“It’s impossible for us to sell below that amount and that is why we have asked the government to intervene and ensure that we also get our products directly from NNPC depots. That is the only way we can compete and remain profitable.
“Many of our members have shut down their stations and sent their workers away because we cannot no longer cope with the harsh business environment”, he added