The Independent Petroleum Marketers Association of Nigeria (IPMAN) on Wednesday said its members would continue to sell fuel at the Federal Government approved price of N165 per litre.
This represents a reversal of its earlier directive to its members to sell petrol at N180 per litre.
The Lagos chapter of IPMAN through its secretary, Akeem Balogun on Monday announced it would no longer be able to sell petrol below N180.
He said the decision was taken because its members could no longer operate at a loss.
He had said while the government had fixed N165 per litre as the pump price of petrol, the current realities in the market showed that the minimum the product should be sold at retail stations should be N180.
But National President of IPMAN, Elder Chinedu Okoronkwo, gave the new directive at a press conference in Abuja.
He said the association has resolved to maintain the status quo going forward since the Nigerian National Petroleum Company (NNPC) and the Pipeline and Product Marketing Company (PPMC) have responded positively to its request by releasing products from their tank farms that can sustain the fuel requirements of Nigerians for 32 days.
Okoronkwo urged Nigerians to stop panic buying of the Premium Motor Spirit (PMS).
However, Okoronkwo told reporters the association is aware of the directive of its Lagos Branch to its members.
Responding to a question, Okoronkwo said: “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 own 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 the 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.
“Status quo 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 noted that massive loading of the product is ongoing in Lagos adding that in a matter of days the long queues will disappear.
He thanked President Muhammadu Buhari for making available N4 trillion budgetary provision for subsidy especially with the current global energy problems caused by the ongoing Russian-Ukrainian war.
He said the association has 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