Buhari Cannot Reverse Pump Price Of Petrol Below N87/litre – IPMAN

petrolpetrolThe Independent Petroleum Marketers Association of Nigerian, IPMAN, Ogun State, has said that it would be almost an impossible task for the President-elect, Gen. Muhamadu Buhari (retd.), to reduce the pump price of premium motor spirit, also known as petrol, to N40 per litre.

The association said the prevalent situation in the industry could not allow such reversion, noting however, that the price could be reversed to N87 per litre with a caveat – the Federal Government builds refineries in some parts of the country.

The Chairman of IPMAN, in the state, Adeleke Bada stated this shortly after the association’s Annual General Meeting held in Abeokuta, the state capital.

Bada, who was flanked by other members of the executive of the association, was reacting to the advice given by former Minister of Petroleum Resources, Prof. Tam David West to the President-elect to reduce the pump price to N40, saying the price is not realistic.

He said “that is not possible, if you look at the nature of the market, that isn’t realistic. Do we have the refineries?

“The only reason that can be possible is when we have our own refineries and we do not export our crude oil for processing. If the processing is done in Nigeria, then it can be sold at the rate of N40 but not until all the refineries are fixed”.

The IPMAN boss, however, blamed the non-compliance of sale of Premium Motor Spirit at the N87 stipulated price on the expenses incurred by the marketers while trying to make the product available to Nigerians across the country.

He said that levies being imposed by various regulatory bodies and unions have forced the marketers to inflate the prices of fuel to recoup their investments.

He said “that is why they do not want to leave IPMAN alone. The government has not increased the price of fuel, it is still N87 per litre.

“But by the time you get to the depot, after paying around N2.6m for your  ticket, a lot of levies are to be paid, levies from PTD, IPMAN and all others, adding them all together with the cost of transporting your trucks to the station, no one is ready to run at a loss.

“I even give them (marketers) kudos for selling the fuel because they do not want the masses to suffer despite all these anomalies. That is why if you can afford to buy it at the prices they sell, then go on because we make use of it every day”.