The Independent Petroleum Marketers Association of Nigeria (IPMAN) on Wednesday urged the Department of Petroleum Resources (DPR) to compel private depots owners to operationalize the new pump price of the Premium Motor Spirit (PMS) otherwise known as petrol.
Speaking with The Nation on phone Wednesday, the association’s National Vice President, Alhaji Abubakar Maigandi, noted that the private depot owners were yet to comply with the previous reduction of pump price before the announcement of a further reduction of the price to N123.50 per litre.
He had last week told The Nation that the private depots were yet to comply with the new rate. Maigandi said members of the Depot and Petroleum Products Marketing Association (DAPPMA) were yet to load petrol at the N125/ litres.
Following the prevailing market situation, he raised the alarm that a nationwide petrol scarcity was imminent.
The next few days confirmed his concerns as panic buying culminated in the scarcity of the product. For the restriction of human and vehicular movement imposed on some states of the federation and the Federal Capital Territory, the demand for the commodity has reduced drastically.
The IPMAN National Vice President yesterday said “they (private depots) have not complied. They are still selling above the stipulated pump price. They are selling at the rate of N115 to N117 per litre to marketers. They are supposed to sell at the rate of N113 per litre. This was the depot price as at Tuesday before the PPPRA announced a further reduction.
“I think that the government should try as much as possible to ensure that the private depots comply with the stipulated pump price.”
Commenting on the new pump price in view of the prices of crude oil, he described whatever reduction in pump price as a positive development.
It would be recalled that the Federal Government yesterday announced a reduction of the pump price of the Premium Motoro Spirit (PMS) to N123.50 per litre on Tuesday night.
According to the Petroleum Products Pricing Regulatory Agency (PPPRA ), Executive Secretary, Mr. Abdulkadir Saidu, the new price took effect on April 1, 2020.
In a statement that he released in Abuja last night, he said “PPPRA, in line with the Government approval for a monthly review of Premium
Motor Spirit (PMS) pump price, hereby announces Guiding PMS pump price of
N123.50 per Litre.
“The Guiding price which becomes effective 1st April 2020, shall apply at all retail
outlets nationwide for the month of April, 2020.
“PPPRA and other relevant regulatory Agencies shall continue to monitor compliance to extant regulations for a sustainable downstream petroleum sector.
Members of the Public and all Oil Marketing Companies are to be guided accordingly.”
The Federal Government had last month decreased the pump price from a maximum band of N145 per litre to N125 per litre consequent upon the decline of the crude oil prices.