Marketers Challenge FG Over Fuel Price - Liberty TV/Radio - News - Voice For All! Vision For Alll!
Publisher (J.T)
March 23, 2020
The Independent Petroleum MarketersAssociation of Nigeria, IPMAN has called on the Federal Government to followdue process in making price changes by carrying stakeholders along.
This is following the FederalGovernment’s price modulation that has seen retail pump price of petrol reducefrom 145 per litre to 125 naira.
The Federal Government had last weekapproved a reduction in the price of petrol and subsequently directed theNigerian National Petroleum Corporation, NNPC to reduce the Ex-Coastal andEx-Depot prices of fuel to reflect current market realities.
The Minister of State for PetroleumResources Timipre Sylva, in a statement, said the Petroleum Products PricingRegulatory Agency, PPPRA would be doing a monthly guide to NNPC and marketerson pricing, in line with prevailing oil market price.
But IPMAN South-West, ZonalChairman, Dele Tajudeen said the lack of discussion with marketers ahead of thedecrease would lead to loss of capital used by marketers in buying theproducts.
He also lamented that the failure ofGovernment to follow due process before announcing petrol price changes willlead to loss of profit margins.