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Business News of Tuesday, 21 June 2022


Why we can’t sell petrol below N180 in Lagos – IPMAN

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The Independent Petroleum Marketers Association of Nigeria (IPMAN), Lagos chapter, on Monday announced it would no longer be able to sell petrol below N180.

The marketers disclosed this in a statement by its secretary, Akeem Balogun.

They said the decision was taken because its members could no longer operate at a loss.

They said while the government had fixed N165 per litre as the pump price of petrol, the current realities in the market showed that the minimum the product should be retailed at the stations should be N180.

The group advised its members to sell petrol at a sustainable price within their environment.

In recent months, fuel scarcity has worsened in Abuja and several other cities across the country.

Last week, long queues returned to filling stations in Ogun, Oyo and Ekiti as most of them remained shut due to scarcity of petrol.

On Monday, fuel queues resurfaced in most parts of Lagos.

The marketers listed the high cost of buying petrol at the depots, the high cost of diesel for running their stations, and the increased cost of freight as the major factors responsible for the recent queue.

The statement by the IPMAN reads: “Distinguished marketers, the Chairman and executives in conjunction with some senior members of our unit, organized a press conference today 20th June 2022, at IPMAN HOUSE Ejigbo Lagos, where we explained our predicament with the current price of PMS at the private depot.

“We explained that with the current price, there is no way we can sell less than N180 per litre.

“On this note, members are hereby advised to sell at a sustainable price within their environment.

“Just make sure that the price is on your pump. Kindly contact the Secretariat should you have any authority challenging your operations,” it said.