The Independent Petroleum Marketers Association of Nigeria (IPMAN) has directed its members to suspend operations across the country.
This was contained in a statement signed by Chairman of the association, Mohammed Kuluwu.
The statement directed IPMAN members to suspend sale of petrol at filling stations and also suspend payment of ordering prom source until further notice.
“Following the critical situation as it affects (sic) our sourcing and selling of product at loss (sic) and the action of the authority to impose the selling of product at a lost price on our side.
“You are all hereby directed to suspend selling at all filling stations and also suspend payment of ordering products from source until farther (sic) notice,” the statement read.
The association had on Monday, appealed to the Federal Government for more time to sell Premium Motor Spirits at the official price of N195 per litre.
Vice Chairman, IPMAN Western Zone, Chief Joseph Akanni, made the appeal on Monday in Ibadan in an interview with the News Agency of Nigeria (NAN).
Stakeholders in the petroleum sector including NNPC Limited, Major Oil Marketers Association of Nigeria (MOMAN), Depot and Petroleum Products Marketers Association of Nigeria (DAPPMAN), Independent Petroleum Marketers Association of Nigeria (IPMAN), security agencies and downstream regulatory agencies met last week and reached a resolution to fix the pump price of petrol at N195 per litre.
However, IPMAN said filling stations owned by its members may not be able to sell at that price as their cost price is above N195 per litre and they need to sell higher than that.
The suspension order was the outcome of a meeting by all IPMAN chairman held in Abuja on Monday.
