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The Independent Petroleum Marketers Association of Nigeria (IPMAN) has welcomed the government’s decision to reduce the pump price of petrol from N145 to N125 per litre.
In a statement yesterday in Lagos by its state chairman, Akin Akinrinade, the union, however, appealed to the Buhari administration to compensate all oil marketers that loaded product between Monday and Wednesday this week, “because they would be losing a minimum of N20 per litre of fuel they have already loaded depending on the distance or destination of delivery.”
In the same vein, the South West zonal chairman of the association, Dele Tajudeen, demanded credit notes to cushion the effect on their profit margin.
He told reporters in Lagos the price review had been received with mixed feelings, as it “comes with both positive and negative impacts on the economy.”
Crude had tumbled at the international market from $65 to $24 last Thursday.
The Federal Government had also predicated its 2020 budget on $57 per barrel of oil.
Also, the Petroleum Products Pricing Regulatory Agency (PPPRA) has cautioned fillings stations against selling fuel above the official price.
Its Executive Secretary, Saidu Abdulkadir, during a monitoring exercise in Abuja, explained that though the agency was not sealing erring stations, he nevertheless said action would be taken against any from today.
He disclosed that the PPPRA would meet marketers and relevant stakeholders for the immediate implementation of the new pump price by retail outlets nationwide.
Abdulkadir added that a new pricing template would take effect from the April 1 in conformity with international market fundamentals.