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Our Members Sell Petrol At N196 Per Litre, Says IPMAN

THE Independent Petroleum Marketers Association of Nigeria (IPMAN), have stated that notwithstanding the withdrawal of fuel subsidies declared by President Bola Tinubu during his inaugural speech on May 29, 2023, its members continue to sell Premium Motor Spirit, popularly known as petrol, at N196 per litre throughout the nation.

“Subsidy is going to end by June and we tried to inform and highlight to our members not to…. our members, they should not panic, they should just continue selling the product at their filling stations at the appropriate pricing,” IPMAN National Public Relations Officer, Yakubu Suleiman said on Channels Television’s Sunrise Daily programme today.

“Virtually all the stations are selling at the appropriate pricing,” he stressed.

Asked of the “appropriate pricing”, Suleiman said, “Some stations when you go there sell like N195. Some sell at N196.”

Further asked whether the price band should not be beyond N195 and N196 per litre, the IPMAN executive said, “Of course, that is the stipulated and that is the normal price the filling stations used to sell even before day before yesterday’s announcement by Mr President.”

The IPMAN spokesperson went on to warn Nigerians against panic buying, saying that refined fuel without subsidy payment will begin in July rather than June.

Suleiman noted that an IPMAN Task Force team has been dispatched around the country to enforce the N196/litre pricing, adding that approximately 100 retail outlets have been sanctioned and closed for selling at exorbitant prices and exploiting Nigerians.

According to him, retail outlets that charge more than the required amount are not members of IPMAN.

“We have a task force that goes around all the filling stations in the country. I want to assure that there are there working and any filling station caught increasing the price just because of this announcement, there has to be a penalty for that. I want to assure Nigerians not to panic,” the IPMAN spokesman stated.

It has been discovered however that the vital product is currently being marketed at filling stations across the country at prices ranging from N300 to N600 per litre, even as fuel queues form on major roads, impeding the movement of vehicles.

Furthermore, the IPMAN executive stated that deregulation of the oil sector and the elimination of subsidies are the only ways to make Nigeria great.

“IPMAN’s position is that the Independent Petroleum Marketers Association of Nigeria (IPMAN) is supporting or has supported the deregulation of the industry,”

“Removing subsidy is the only answer to make Nigeria great because there is no country that can survive without deregulating the economy.”

He commended President Tinubu for announcing subsidy removal in his inaugural speech.

“We really applaud Mr President for having the courage to announce the removal of subsidy,” he stated.

Suleiman added that Tinubu was merely reminding Nigerians that there will be no more subsidy, noting that the administration of previous President Muhammadu Buhari had announced subsidy removal by not including it in the budget for this year beyond June 2023.

According to the IPMAN spokesperson, refined petrol without subsidy payment will be available in July rather than June.

He underlined that, while consultations with stakeholders are necessary, subsidy reduction is the way to go.

The IPMAN official therefore asked Nigerians not to panic buy because Premium Motor Spirit, better known as fuel, is now sufficiently available in the country


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