Independent marketers explain why they can't sell fuel at N170 per litre

The Independent Petroleum Marketers Association of Nigeria (IPMAN) has explained why cost of petroleum products are on the rise, biting deep into the pockets of Nigerians who already have to deal with rising food prices and high cost of living.

IPMAN said it is working with the Nigerian National Petroleum Corporation (NNPC) Limited to solve the scarcity of fuel across the country and that the scarcity of fuel leading to queues at filling stations came as the independent marketers have been lifting the product from private depots at about N200 per litre.

Recall that last week the Department of State Services (DSS) gave a 48-hour directive to marketers and the NNPC to resolve the fuel crisis.

IPMAN Operations Controller, Mike Osatuyi, said the independent marketers have now been allowed to lift petrol at N148 per litre.

Speaking to reporters late Tuesday, December 13, Osatuyi said: “Our members have now been allowed to lift petrol at N148 per litre, meaning that we can now reduce our pump prices. We are committed to working with other parties to tackle the shortage across the country as quickly as possible.”

Meanwhile, the House of Representatives also called on Nigerian Midstream Downstream Petroleum Regulatory Authority (NMDPRA) to seek the collaboration of the Nigerian Police Force and DSS to ensure that fuel was sold at the regulated price and in all retail outlets.