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The Independent Petroleum Marketers Association of Nigeria (IPMAN) has declared that selling petrol above N165 per litre is an impossible venture.
Mr. Chinedu Okoronkwo, IPMAN national president disclosed this on Wednesday in Abuja, after its Lagos branch insisted it will sell above the N180 price.
Okoronkwo said that the FG has released enough fuel from their depot which enabled them to maintain the status quo, and have started negotiations with Benham Group to recover money owed to them for the supply of petroleum products.
Okoronkwo said, “Our business required technology, that is why we brought a seasoned financial expert and we have been able to recover a lot of funds in other countries and Nigeria.
“The incessant accidents and destruction of trucks on the road, banditry and kidnapping is the reason we are bringing the insurance company to help us.
“Leaving the risk for the owner of the truck to bear will affect our businesses. Our members in Lagos were getting the fuel at N170/N173 that’s why they wanted the price increased.
“It’s only the NNPC that is importing the product. The cost of doing business has changed, so it becomes difficult to sell at N165 per litre.
“That is why we are thanking the NNPC for bringing the product to N143. So, our members must sell the product at N165 which is the government-approved price.”
National President, ADITOP, Alhaji Mohammed Danzaki, said ADITOP and IPMAN are the ones suffering since they need returns for their investments.
“NNPC has done a lot to import the product but the main issue is the transportation.
“We have not been getting our payments. That’s why we engaged a financial expert, Benham Group, to recoup our money for Nigerians to get regular supplies in the fuel stations,” Danzaki added