Tuesday, February 16, 2021
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Pump price reduction: IPMAN demands compensation over N20/ltr loss

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The Independent Petroleum Marketers Association, IPMAN, Kano Zone, has called on the Federal government to come up with palliative measures to support its members who might have incurred losses due to the sudden reduction in petrol pump price in the country.

DAILY NIGERIAN reports that the Federal Government had on Wednesday announced the reduction of petrol pump price from N145 to N124 per litre.

But speaking to newsmen on Thursday in Kano, the IPMAN Chairman, Bashir Dan-Mallam, noted that the price reduction had translated into losses for most of their members who had old stocks.

According to him, the union found it necessary to make the request in view of the fact that 95 percent of its members have reported having old stocks at the time of the Presidential directive for the reduction.

“Although we are happy with the new development and that the Federal Government should be commended for the gesture, the government should also consider the fact that many of our members with old stocks will incur huge losses.

“We, therefore, appeal to the government to provide palliative measures for us as it will go a long way in reducing the losses the marketers would have incurred since most of them have already had old stocks which were supposed to be dispensed at the N145 per litre in order to recover their money.

“Even before the announcement, many of our members have already bought and loaded their vehicles with the product at old prices from Lagos, Port Harcourt and Warri.

“So, by the time they reach their various destinations, they must sell the product at N125 per litre, instead of N145 per litre, which means they will have to incur some losses as there will be a margin of N20,” Mr Dan-Mallam explained.

The IPMAN chairman, therefore, expressed his hope that the Federal Government would come to their aid, saying that the government had always promised to support private depot operators.

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