PMS: IPMAN commends FG on pump price reduction

The leadership of the Independent Petroleum Marketers Association of Nigeria, IPMAN, yesterday, lauded the President Muhammadu Buhari-led government’s decision to review downward the pump price of the Premium Motor Spirit, PMS, from N145 to N130. In a statement signed by the association’s national president, Abubakar Fari, IPMAN said the development will help reduce the suffering of the poor.

The statement read: “We are grateful to President Muhammadu Buhari for approving the reduction. It will help in alleviating some burden on the masses. “We equally thank the Hon. Minister of State for Petroleum Resources, Chief Timipre Sylva for his prompt advice to federal government on the need to lower the price of PMS in line with the falling price of crude oil in the international market. “We also express our profound gratitude to the Group Managing Director, GMD, of NNPC, Mele Kyari for his immediate response and directives to retailers. “We shall abide by the new PMS price regime but we are only asking the federal government through the Department of Petroleum Resources, DPR, and other relevant agencies to allow independent marketers to exhaust their old stock at the shortest possible time to avert imminent collapse of our investment due to anticipated losses. “We call on our members to continue to serve the public in the interest of the generality of the populace.”