Petrol price: IPMAN seeks consultation with PPPRA
• Retailers seek Fed Govt intervention
The Independent Petroleum Marketers Association of Nigeria (IPMAN) has urged the Petroleum Products Pricing & Regulatory Agency (PPPRA) to consult with its leadership before any further reduction in petrol pump price.
In a statement on Thursday, IPMAN National President, Sanusi Fari, also called on other federal agencies in the petroleum sector to carry the body along in its price fixing policy decisions.
He gave assurance IPMAN will comply with the new price regime of N123.50 announced on Tuesday by the PPPRA, saying the marketers were already struggling with an earlier price cut from N145 to N125 before the latest downward review to N123.50k
The statement said: “We want the PPPRA and other relevant agencies to always carry us along as one of the major stakeholders in the downstream in future strategic decisions of this nature. It applauded the Federal Government for the further reduction of pump price of PMS to N123.50k from N125 per litre.
“We remain grateful to President Muhammadu Buhari for this approval, which will further lessen the burden on the masses. As law abiding citizens, our members shall comply immediately,” Fari said, but however urged the government to consider the fact that most of the marketers sourced their funds from commercial banks at high interest rates.
It has become expedient for the marketers to be allowed time to exhaust their stock before further downward price review could come into effect, Fari stated.
Meanwhile, the Petroleum Products Retail Outlets Owners Association of Nigeria (PETROAN), has appealed to government to come to the aid of its members with soft-loans to survive the harsh effect of the recent reductions in petroleum products prices.
The body made the appeal through a statement issued by the association’s National President, Dr Billy Gillis-Harry and Assistant National Secretary, Ogbuefi E. Erasmus.
While praising President Muhammadu Buhari and the Minister of State for Petroleum Resources, Chief Timipre Sylva, for showing leadership and compassion to ordinary Nigerians, by twice reducing the pump price of the Premium Motor Spirit (PMS), PETROAN said its members have incurred huge losses, which could send most of them out of business if there was no quick intervention.
It however registered its commitment to comply with government’s compassionate move of price reduction, and in the same breath, pleaded with the President to direct relevant government agencies to urgently arrange an intervention fund to be managed by the Central Bank of Nigeria (CBN) and be given out to PETROAN members as soft loans in order to sustain their businesses
“We, the members of PETROAN, as obedient citizen of the Federal Republic of Nigeria and partners in progress with the Government of the Federal Republic of Nigeria, are very willing to obey and comply with the new reduction in pump price of Premium Motor Spirit. We are confident that this will help reduce the effect of the COVID-19 pandemic on the Nigerian Economy.
“However, our association wishes to bring to the notice of the Federal Government the challenges of Petroleum Products Retail Outlets Owners in Nigeria. Our members have recorded massive losses from 19th of March 2020 when the first reduction was announced by the Federal Government.
Lamenting the challenges faced by the marketers, Fari said, “The previous price reduction affected our members so much that many lost funds which did not go down well with members. Most members deal on borrowed funds from banks with interests.
“We had earlier pleaded then, that some time be given to us to exhaust the old stock, but which we did not get any response.
“We call on our members to continue to serve the public based on the new price template by selling between N123.50k and N125 per litre”.
SOURCE: opr.news
