IPMAN Gives Reason For Hoarding Of Fuel By Filling Stations

COVID-19: FG Announces New Pump Price Of Petrol

The Independent Petroleum Marketers Association of Nigeria (IPMAN) has said that the uncertainty of the price of fuel has forced some filling stations into hoarding.

This was disclosed by IPMAN chairman, Mr Chinedu Okoronkwo, in an interview with the News Agency of Nigeria, NAN.

It would be recalled that the Petroleum Products Marketing Company (PPMC) had adjusted the petrol price from N147. 67 to N155.17 effective November 13.

According to NAN, some filling stations in Iyana-Ipaja and Abule Egba sold fuel at the old price of N159 per litre.

Some owned by independent marketers didn’t open. This created fear that there will soon be a scarcity of fuel.

The fear has now been addressed by Okonkwo who advised against panic buying.

He said that the action of filling stations were based on the price notation to marketers by the PPMC.

According to him, “We buy from them, and we heard that there is a new ex-depot price.

“Now people will like to know whether that’s true from the source so that they’ll not sell at a loss.

“So the marketers are waiting for clarification from PPMC because a lot of people weren’t privy to have seen the memo.

“Hopefully, it will be resolved soon, and everybody will start selling.”

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