The Independent Petroleum Marketers Association, IPMAN, has defied the Federal Government’s recent directive on reduction in the pump price of the Premium Motor Spirit, PMS.
DAILY NIGERIAN reports that the Petroleum Products Pricing Regulatory Agency, PPPRA, had on Tuesday announced another reduction of the pump price from N125 to 123.50 a litre.
However, in a press conference in Kano on Wednesday, Chairman of the IPMAN, Kano zone, Bashir Dan-Mallam, disclosed that their members would not comply with the recent directive until old stocks are exhausted.
According to him, the last time the Federal Government reduced the pump price from N145 to N125 per litre, their members nationwide lost over N5.5billion as a result of the sudden reduction.
“We called on government to compensate or support our members who incurred huge losses due to the sudden reduction in fuel pump price but nothing was given to us.
“But, to our surprise, the private depot owners were paid. None of our members was supported to reduce the losses they incurred. This time around, we will not sell our product at that rate until the old stocks are exhausted,” he said.
Mr Dan-Mallam alleged that the management of the PPPRA were trying to sabotage the Federal Government’s efforts of ensuring sustained fuel supply and distribution across the country through some policies that could plunge the sector into serious crisis.
“Even though we are happy with the new development, the government should consider the fact that no sane marketer or businessman will continue operating his/her business at loss.
“Before the last announcement, many of our members had already bought and loaded their vehicles with the product at old prices from Lagos, Port Harcourt and Warri and we spend five to seven days before reaching our destinations.
“So we are not going to sell the product at the new price until we sell the old stocks,” he said.
The chairman also said the union would not hesitate to ask its members to withdraw their services should any of their members’ filling station is closed for not selling at the new pump price of N123.50 per litre,
“We hope the Federal Government will see reason and come to the aid of our members as it supported private depots because our members will not continue to operate at loss,” he appealed.