IPMAN: Deregulation of oil sector has not improved our profit margin — Spokesman

IPMAN: Deregulation of oil sector has not improved our profit margin — Spokesman

IPMAN urges members to dissociate from strike
Independent Petroleum Marketers Association of Nigeria

…IPMAN NEC fixes pump pricing to between N168 & N170 nationwide

By: Abayomi Adeshida, ABUJA

Independent Petroleum Marketers Association of Nigeria (IPMAN) has appealed to the Federal Government to save oil marketers from bearing the burden of the deregulation of the oil sector despite the robust support the body has continued to throw behind the policy.

Fresh strategy towards arriving at a workable means by which the government would factor in an upward review of the profit margin of the marketters was the major agenda on the table of the Executive Committee of the Independent Marketers during an emergency meeting that was convened to react to the new petroleum price adjustment that was approved by the Petroleum Products Marketing Company (PPMC) in Abuja.

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After IPMAN leadership rose from its emergency meeting, members across the country were advised to sell products between one hundred and sixty-eight naira ( N168,00 ) and one hundred and seventy naira (170.00) per litre.

Speaking with journalists after the emergency meeting in Abuja, the IPMAN Public Relations Officer, Alhaji Yakubu Suleman regretted that despite the fact that marketers have been very cooperative with government to see to the implementation of the deregulation policy, government has failed woefully to carry them along during all the products price adjustments made in the last two years.

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According to him, “the National Executive Council called this emergency meeting to agree on a range for pump prices across the country in view of the new realities in the industry, but most importantly, we discussed ways that we can get the government to consider us during other adjustments.

“We were all shocked when the new adjustments came out yesterday and there was no consideration to mark up our own profit margin to also accommodate the realities we experience at our own retail outlets.

“As responsible citizens, we have been at the forefront of explaining the benefits of a fully deregulated oil sector to the general public, but the reality is that for the last two years, none of all of the price adjustments considered the need to mark up our profit margin.

“That is despite the considerable increase in our costs of maintaining the stations as well as other expenses.

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“Many of our members are not the direct owners of their outlets; therefore, where the profit is static, you can consider the stress we are all passing through when our expenses continue to increase.

“We want to seize this medium to appeal to the Federal Government to agree with the PPMC to help us to remain in the business of making products available across the nooks and crannies of this very vast country,”Suleiman said.

When asked if they agreed on a particular pump price for petrol he said, “of course yes. The new price as approved by the National Executive of IPMAN for petrol is between N168.00 and N170.00. All other factors being equal as we have been doing in the business.

“We have communicated our members through the normal channel of communication and our Engineers are already working on the machines to reflect the new price regime at outlets where there are products to dispense.

Meanwhile, Su;leiman told journalists that the Independent Marketers was never a part of the on-going industrial action by the The Petroleum and Natural Gas Senior Staff Association of Nigeria (PENGASSAN).

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According to him, “we are not part of the strike called by PENGASSAN and we have products that can last through to the end of the first quarter of 2021.

“We do not have any reason to embark on any strike presently and we hope to serve Nigerians in general and motorists in particular continually for as long as other factors do not inhibit our service delivery,”the IPMAN Spokesman insisted.

The Emergency meeting which was held at the nation’s capital was attended by the Chairman IPMAN Board of Trustees, Alhaji Abdulkadir Aminu and the National President of the Independent Petroleum Marketers Association of Nigeria (IPMAN), Chinedu Okoronkwo .

Other officials of the body at the meeting include the IPMAN National Secretary, Alhaji Danladi Pasali; the National Vice President of Independent Petroleum Marketers Association Of Nigeria, IPMAN, Alhaji Muhammdu Abubakar Garima; National P.R.O., Alhaji Yakubu Suleiman; National Operations Controller of IPMAN, Mr. Mike Osatuyi as well as other members of the National Executive Council of the body.

Vanguard News

The post IPMAN: Deregulation of oil sector has not improved our profit margin — Spokesman appeared first on Vanguard News.

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