New Fuel Pump Price Will Reduce Hardship On Nigerians - IPMAN Chairman

Michael-Azeez Ogunsiji

ABEOKUTA - Alhaji Dele Tajudeen, the Southwest zonal Chairman, Independent Petroleum Marketers Association of Nigeria (IPMAN) has disclosed that, the downward review of petroleum prices from N145 to N125 per litre would reduce the suffering of Nigerian masses. 

Tajudeen said reduction in the pump price was long overdue, but would reduce the hardship effect of the high prices on Nigerians.

He added that, the development would enable the citizens to make regular use of their generators and enhanced the epileptic power supply. 

He however appealed to NNPC management to be magnanimous enough by giving credit note to the marketers who were caught up with the sudden reduction of petroleum prices against their subsequent loading. 

According to him, not all loaded tankers can reach to their destinations  same day of loading and to those who  is possible  for to get to their filling stations same day, it is not possible to sell 33000 or 45000litres of any products daily.

"Yes, I sympathize with Nigeria masses because  when it was sold at a high prices of #145 per litre, hardly you can see people buying more than 5 or 7 litres to fuel their generator but now they will  buy more and there will be more sales since the profit margin remain the same for the Marketeres"the Chairman stressed.

"When you load at any depots some trucks can not reach their destinations daily so, Marketers who loaded on Monday and Tuesday will make a lost of #660,000 or #900,000 per  a truck loaded 33000 or 45000litres of petroleum.

''Alhaji Tajudeen said talking about those Marketers  with multiple loadings the effects would be worrisome."  

He also called on NNPC to always have it at the back of their minds the negative effects of this unnoticed changing in prices on  Marketers by given them long time notice  before this kind of sudden directive he lamented. 

Meanwhile, in compliance with the directive of the Honorable Minister of State for Petroleum Resources, Timipre Sylvia, the Group Managing  Director of NNPC, Mr. Mike Kyari reviewed it's Ex-coastal, Ex-wife depot and NNPC retail pump prices. 

"Effective from March 19,2020,NNPC Ex-ciastal prices for PMS  has been reviewed downward from #117.6/litre to #99.44/litre while Ex-Depot prices reduced from #133.28/litre to #113.28/litre which translates to #125/litre retail Pum prices" the GMD stressed.