IPMAN: Why we sell petrol at N158 per litre in Akwa Ibom


The Akwa Ibom chapter of Independent Petroleum Marketers Association of Nigeria (IPMAN) has said that its members are currently lifting fuel at the cost of N144 per litre as against N133.28 approved by the government.

The state IPMAN Chairman, Ubong Isong, made the disclosure on Thursday in Eket while speaking on the current price hike of petrol in Akwa Ibom.

He explained that the private depot owners were selling the product to marketers at N144 as against the approved rate of N133.28 at the NNPC depots.

Isong said that the price increase witnessed at the private depots was responsible for the increase of pump price of petrol from N145 to N158 per litre in the state.

He said, “We want to let you know that our operation recently is having problem of price.

“What I can say exactly is that private depot owners have increased the price of petrol sold to our members, this affects the petrol price at the outlet stations in the state.

“The product we received is not being given at government approved ex-depot price of N133.28,” Isong reiterated.

He said that the allocation of the product from NNPC to the state had been grossly inadequate, alleging that the private depot owners did not have enough product supply.

“If marketers add their transport and loading expenses, the price of petrol will land between N148 and N149.

“So they have to sell petrol between N155 and N158 per litre in order to have profited from their investment,” Isong said.

Isong said that if NNPC had enough supply for marketers, the entire system would be flooded with petrol and the pump price would return to N145 per litre.