Fuel may be available in two weeks at N220 per litre, IPMAN

As Nigerians continue to groan under the weight of economic challenges exacerbated by fuel scarcity and rising prices of the Premium Motor Spirit, PMS, the Independent Marketers Association of Nigeria (IPMAN), has assured that the product will be available in the next two weeks for purchase at N210 or N220 per litre.

The National Operations Controller at the Independent Marketers Association of Nigeria (IPMAN), Mike Osatuyi, who gave this assurance stated that all critical stakeholder in the downstream petroleum value chain of the Oil and Gas industry have met Nigerian National Petroleum Company (NNPC) Limited and concluded on ways to end the lingering fuel crisis.

IPMAN boss added that at the meeting, all stakeholders agreed to sell fuel at affordable prices to ameliorate the sufferings of Nigerians. He however said that Nigerians could end up buying fuel at N210 to N220 per litre as marketers currently buy fuel at N180 per litre.

According to him, NUPENG has to agree on how much marketers will pay for transportation costs as this will also determine how much will be added to the depot pricing.

While addressing the issue of cross-border smuggling which the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) had earlier said was a major cause of the lingering fuel crisis, Mr. Osatuyi advised the Nigeria Union of Petroleum and Natural Gas Workers (NUPENG) to caution their members not to drive their fuel trucks across the borders into neighbouring countries.

He added that more depots will be made available so more products can come into the country.

The IPMAN boss who affirmed support for the removal of fuel subsidy urged the government to encourage massive importation of fuel to drive down cost of the product. He advised that the revenue generated from the subsidy removal should be channeled to infrastructural development.

“We are ready to work with all stakeholders so that Nigerians can benefit. When the fuel subsidy is removed, the fuel cost will increase, but the money saved will be used for the benefit of Nigerians” he said.




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