Ajiri Daniels, Abuja
The National Executive Committee (NEC) of the Independent Petroleum Marketers Association of Nigeria (IPMAN), has commended the Federal Government for further reducing the pump price of Premium Motor Spirit (PMS), from N125 per litre to N123.50 per litre.
The government had, on Tuesday, announced further cut in domestic pump price of petrol from N125 to N123.50. The new price cut is coming three weeks after the government slashed the initial price from N145 down to N125.
National President of IPMAN, Alhaji (ENGR) Sanusi Fari, in a statement released in Abuja, commended President Muhammadu Buhari for approving the new reduction which, according to him, will further lessen the burden of the masses.
Fari also noted in the statement that the previous reduction from N145/litre to N125/litre affected members of the association as most of the marketers ended up operating at a loss.
“The previous reduction affected our members so much that many lost funds which did not go down well with members. Most members deal on borrowed funds from banks with interests.
“We had earlier pleaded then, that some time be given to us to exhaust the old stock which we did not get any response,” the statement read in part.
He further assured of the willingness of the members to comply with the new pump price template and also urged the Petroleum Product Pricing & Regulation Agency (PPPRA) and other relevant agencies to work closely with the association in making future strategic decisions.
“This time around, we want the Petroleum Products Pricing & Regulatory Agencies (PPPRA) and other relevant agencies to always carry us along as one of the major stakeholders in the downstream in future strategic decisions of this nature.
“We call on our members to continue to serve the public based on the new price template by selling between N123.50k and N125 per litre,” the statement read.