PMS: IPMAN to comply with N123.5/litre price regime but…- Engr. Fari

By Dirisu Yakubu

In a release in Abuja made available to journalists on Thursday, national President of the association, Engr. Sanusi Fari, however called on relevant stakeholders in the nation’s petroleum industry to always carry IPMAN along in their decision making process.

According to him, members of the association were already feeling the heat occasioned by last week’ reduction of the pump price from N145 to N125 when government further announced a down review review on Wednesday.

The statement read in part: “We want the Petroleum Products Pricing & Regulatory Agency, PPPRA, and other relevant agencies to always carry us along as one of the major stakeholder in the downstream in future strategic decisions of this nature (reduction of pump price).

“The National Executive Committee, NEC, of IPMAN once more commends the federal government of Nigeria for the further reduction of pump price of PMS to N123.50k from N125 per litre.

“We remain grateful to President Muhammadu Buhari for this approval which will further lessen more burden on the masses.

“As law abiding citizens, our members shall comply immediately.”

Engineer Fari called on government to however remember that most of IPMAN members sourced funds from commercial banks at high interest rate, adding that the development was the reason the association pleaded to be allowed to exhaust its stock before the commencement of the new price regime.

He continued: “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.

“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.”

Vanguard

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