“Fuel Can’t Be Sold Below 180 Naira Per Litre” – IPMAN Says As They Reveal Why There’s Fuel Scarcity

The Independent Petroleum Marketers Association of Nigeria (IPMAN) has explained why fuel is scarce in Lagos and other parts of Nigeria.

In an interview with Channels Television, Akin Akinrinade, the Lagos Zonal Chairman of IPMAN, insisted that they were not on strike.

According to Akinrinade, the operating environment has become aggressive for their businesses. He also insisted that the marketers had not gone on strike, as had been speculated.

“Members of the Independent Petroleum Marketers Association of Nigeria (IPMAN) have shut down their stations, not because we are striking; we are not on strike.”

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Rather, the business environment has been very hostile to us, such that we can no longer do business under this condition. “For you to load a litre of fuel, you pay N162 per litre,” he noted.

Akinrinade said that it was no longer feasible to sell the product at the recommended price of N165 a litre, adding that the landing cost of petrol was between N175 and N178 naira per litre. “Our members can no longer sell (fuel) at N165 per litre; in fact, there is no reasonable person in this business that can sell below N180 per litre, so it is not as if we are on strike,” he concluded.