An increment in the ex-depot cost of petroleum is responsible for the rise in ye price of pump price of fuel, the Independent Petroleum Marketers Association of Nigeria (IPMAN) has said.
This was disclosed by the IPMAN Chairman, Benin Depot, Mr Douglas Iyike, in an interview with journalists over the recent increase in the price of PMS in some parts of the country.
The Nigeria Union of Petroleum and Natural Gas Workers (NUPENG) has asked IPMAN to reverse the fuel price to the official rate of N165.
He said the increment is due to the hike in the ex-depot price of petrol which should be the area where NUPENG should direct its threat rather than directing same at marketers.
Iyike said, “We have read in newspapers the supposed 24-hour notice issued to marketers regarding the increment in the pump price of petrol.
“We want to place it on record that the increment is not due to any fault of oil marketers because we can only sell based on the price at which we buy petrol from the depots.
“There has been an increment in the ex-depot price which has left marketers with no option than to increase the pump price of petrol above the official N165 per litre in recent weeks.
“We believe that addressing the issue of the ex-depot price should be the focus of NUPENG and not attempting to picket petrol stations which might lead to a breakdown of law and order.”
