“N617 Per Litre”: Marketers Blame Security, Other Bribe-Seeking Government Agencies For Hike in Petrol Prices
- Petroleum marketers have blamed security agencies and other government organs for the hike in petrol prices
- IPMAN President Chinedu Okoronkwo revealed this at a public hearing on the hike in petrol prices
- He said those factors and international factors increased petrol prices in Nigeria
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The Independent Petroleum Marketers Association of Nigeria (IPMAN) has blamed the recent hike in petrol prices from N537 to N617 per litre on extortion by security agencies and charges by government institutions.
IPMAN’s National President, Chinedu Okorokwo, disclosed this at a public hearing organized by the House of Representatives Ad-hoc Committee on the recent hike in petrol prices on Tuesday, August 1, 2023, stating that those factors, including international factors, were responsible for the increase in the cost of the product.
Source: AFP
NNPC N250 billion debt bankrupts marketers
The IPMAN boss told the lawmakers that his members are presently bankrupt and cannot import fuel directly as the Nigerian National Petroleum Company Limited (NNPC) owes them N250 billion.
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Okoronkwo called the Nigerian government to ask all its agencies to stop unplanned charges built into the petrol prices by marketers.
He asked that the country switch to Compressed Natural Gas (CNG) to address the increasing cost of petrol and the challenges caused by subsidy removal.
The IPMAN president said subsidy removal was the right decision, despite the pains.
Okoronkwo said:
“Energy everywhere is critical, it is on the security list of every nation, and God has given us about the best in gas that can last for over 500 years.
“What we require now is to build the market, the demand will be there, and we need this house to help us build the market.”
Nigeria has more gas resources than crude oil
Reports say that IPMAN’s partner and the managing director of Gas Analytics and Sorutiral Index, Brian Amonu, said Nigeria has more gas reserves than crude oil, stating that so much gas is flared in the country because of a lack of an organized market.
He said:
“If we transit just 10 per cent of the 48 million litres of Premium Motor Spirit (PMS) otherwise known as petrol we consume daily to natural gas, it will save Nigerians two billion naira every day or N730 billion naira yearly.
Independent marketers say private depots petrol sell cheaper than NNPC, reveal plans to import 40m litres
Legit.ng reported that Independent Petroleum Marketers Association of Nigeria (IPMAN) says private depots with imported petrol sell the product cheaper than the Nigerian National Petroleum Company Limited (NNPCL).
IPMAN’s National Vice President, Abubakar Maigandi, revealed this and named the prominent private marketers Emadeb Group Services Limited and AYM Shafa Limited.
Maigandi said that while NNPCL sells its products at N555 per lire, private depots sell them at N556.60 per litre.
Source: Legit.ng
