IPMAN says Nigerians would have been paying N900 per litre for PMS, without subsidy

The Independent Petroleum Marketers Association of Nigeria (IPMAN) has indicated that Nigerians would have been paying N850 to N900 pet litre by now on Premium Motor Spirit(PMS) if President Muhammadu Buhari had removed the subsidy on the product.
The National President Elder Chinedu Okoronkwo at a press conference in Abuja debunked insinuation that its members were engaged in sabotage of the effort by Federal Government to subsidize the product with N4trillion.
“You are talking about sabotage I think that If there is anyone selling fuel on the road it is not IPMAN that you will take home today
“Let me tell you while we are still moving check the cost if AGO that is not regulated how much are we picking it now? N850 to N900, that would have been the cost of PMS and who enjoys this subsidy it is the man with his cars
“The only thing members of this association get is N10 we have been there fixated. For over N20 years each time they will be raising this product our margin has not been N10 that is why a lot of our people are not in business so if you are talking of sabotage is it from where.
“We are the worse beaten with huge investment and low return. We should be the one to complain.
He asked Nigerians to stop panic buying of the Premium Motor Spirit (PMS) as they will continue to sell the products at the government approved price of N165 per litre.

“I told you the cost of doing business has changed and my members in Lagos before they did what they did, they called me and told me that they are now getting this product at N162 to N165 per lite with transportation another N8, aggregating to about N170 to N173, even the N10 which supposed to be our iwn has been eroded, what do we do?
“Now you know and I know that it is only NNPC that imports this product into Nigeria. Some of these tank farm owners who have gone to collect this product don’t blame them because cost of doing business has also changed.
“It became so difficult for them to sell at N148.17 but yesterday I want to tell you that NNPC and PPMC went to their tank farms and released products.
“That is why we are thanking them that with this product we can now access the product at N148.17
Statusquo ante must be maintained moving forward and from what they have told us they have products that can last us up to 32days.
“We must be happy with that knowing full well the challenges we have globally on Energy that is why we are thanking them.”
He said massive loading if the product is ongoing in Lagos adding that in a matter of days the long queues will fizzle out.
He thanked President Muhammadu Buhari for making available N4trillion budgetary provision for subsidy especially with the current global energy problems caused by the ongoing Russian-Ukrainian war.
He said they have engaged a consultant who will go into the books to determine exactly what the Association of Distributors and Transporters Of Petroleum Products (ADITOP) are being owed in terms of bridging claims.
According to Eldder Okoronkwo, to mitigate against persistent losses there is collection of N5000 product liability Insurance by the Down Stream regulatory Authority on behalf of IPMAN
He pleaded in a special way with the Downstream Regulatory Authority to make payments regarding Marketers product differentials and Bridging claims to enable their members continue to be in business as some have been owed such claims for upward of 6 months.
He called on all members to submit their claims and all documentations to the consultant, the Benham Group to review and reconcile the bridging claims
He expressed appreciation for the tremendous supportbyf the NNPC, PPMC and ither government agencies who worked hard to stabilise and smoothen supply of products across the country