The Independent Petroleum Marketers Association of Nigeria (IPMAN) South West, has threatened to embark on strike over increment in the pump price of petroleum product.
The South-West Chairman of IPMAN, Alhaji Dele Tajudeen, stated this on Sunday, that the new prices of petroleum products as announced by the Petroleum Products Pricing Regulatory Agency (PPPRA), last Wednesday, was a shock to marketers.
He explained that IPMAN members would not hesitate to stop lifting petroleum products In all the South West depots due to the increase of depot price of N111. 78 to N133.72k, and pump price N140. 80k.
Tajudeen bemoaned PPPRA for not inviting relevant stakeholders into any meeting before announcing an increase the pump price was done.
The IPMAN chairman said, “It is very disheartening to hear that a new price regime is coming to effect, without considering the plight of marketers who bought these products at an expensive price.
“We want to categorically state here that the last time when the Federal Government put the price at N145, we still complained that it was inadequate but now we can describe it as worse.
“In May this year, when the price was cut to N125.00k, many of our members ran into debts as the landing cost and depot price were at a loss, to pay bank loan became a serious issue for us.
“And Federal Government needs to know that some of us obtained loans from banks to run this business and we have to pay interest on them.
“We are still struggling with debts incurred before this increase with nothing to show for it, or how can somebody work with only N2.00, and yet we will pay workers, maintain the loan and also fulfil our obligations to the government.
“Our members had lost close to N100 million as a result of unexpected reduction of pump price in recent times as many were having large volumes of petroleum products in their storage prior to such reductions. And while still grasping huge loss many of which were bank loans the NNPC/ PPPRA again did further monthly reduction. In every country where deregulations are in place, the government make room for such loss by going to stations to know the actual stock of volumes in order to cushion loss for marketers. This is not the case for our IPMAN members except for Private depot owners and Major oil marketers.
“Yes, it is mandatory that we meet the needs of FIRS, pay State taxes, DPR fees, pay weight and measure fees, pay salaries of our workers, pay union dues, pay our insurance fees and of course, buy diesel to power generators at our various filling stations. So, when we removed all these expenses we are left with almost nothing.”
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