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The southwest zone of the Independent Petroleum Marketers Association of Nigeria (IPMAN) has said that it may direct its members in the zone to increase the pump price of Premium Motor Spirit (P.M.S) to ₦180 per litre.

The Zonal Chairman of the Association, Alhaji Dele Tajudeen, disclosed this while addressing journalists in Abeokuta, the Ogun State capital on Wednesday.

According to him, the step would be taken should if the appropriate Federal Government’s regulatory agency fails to address the continuous non-supply of the products to its members.

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Tajudeen made it known that in the last six months, members had not been able to access supplies of the products from any of the six government-owned depots, but resorted to making purchases from the private depot owners, who had continued to exploit the situation to put extra cost on his members.

He explained that The Federal Government’s depots, located at Mosimi in Sagamu, Ogun State, as well as others in Ibadan, Lagos, Ore in Ondo State as well as the one in Ilorin, Kwara State capital had all refused to load any of the Independent Marketers, the development, he said compelled his members to start making purchases from the private depot owners since January 2022.

He also noted that the private depot owners decided to take advantage of the non-availability of the products at the government’s depots to jack up the loading price  to between N157 and N158, “excluding the transportation cost to our various destinations”.

Explaining further, he said, “So, by the time we add the cost of transportation to the purchasing amount, we will be arriving at a sum above N165, which is the government-approved pump dispensing price”.

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“But sad enough, the regulatory agency appeared incapacitated to control and compel these private depot owners to sell at the government’s approved price for us”.

“As at today, the purchasing price of diesel has increased by 400%. Again, I want members of the general public to know that cost of transporting the product ranges between  ₦6 to  ₦8 and  ₦10 depending on where the products are being transported to from the Lagos private depot where we make purchases”.

“I wish to equally intimate you that making purchases from these private depot owners is not the ultimate end, we also have some overhead costs to bear like running an electricity generator to power our filling stations; paying the staff salaries, as well as servicing the bank loans among other costs”.

“So, by the time we have to add the cost of transportation with the purchasing amount, this situation clearly implied that we as independent marketers will be left with no other option than to dispense the products for nothing lesser than  ₦175 to  ₦180 for customers in the Lagos to Ibadan axis, while those within the Ogbomoso and Ilorin axis may have to buy at a dispensing pump price of  ₦200 per litre”.

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“Now, we want to let members of the general public to be aware that the fault is not coming from our end, rather, it is the failure of the regulatory agency to direct the government’s depots to sell the products for us at their depots and at the government’s approved price”.




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