IPMAN Wants Petroleum Products’ Prices Review

The independent
Petroleum Marketers Association of Nigeria (IPMAN) has called on Petroleum Products Price Regulatory Agency (PPPRA) and other stakeholders in the oil and gas industry for the immediate review of the prices of the petroleum products in the country.
Speaking to The Tide in Port Harcourt on Friday, the National Chairman of the Association , Chief Lawson Obasi, said that it has become imperative for all stakeholders forum in the oil and gas industry to review the prices of the petroleum products in view of the present challenges being faced by the marketers over importation of petroleum products.
Obasi said that petroleum marketers in the country were going through difficulty in the face of the economic reality stressing that it had become difficult on the part of the importers and members of the Association to meet the demands of payments on the imported petroleum products.
The IPMAN leader said that the association members were running their business at a great loss as compared with their monetary investment in the importation of petroleum products, adding that the association would soon meet to review the price of present litre of petroleum products downward or upward.
He said that the association would continue to support the federal government’s policy on the deregulation of the oil and gas industry, adding that the association’s leadership has urged its members to invest in the building of the modular refineries with a view to reducing the present hardship on its members over high cost of importation.
He said that the modular refineries would cushion the shortage of the petroleum products in the country as various petroleum products will henceforth refine in the country into various end products for usage by Nigerians.
He urged the federal government to quickly come out with a practicable solution to the economic recession thereby addressing the hardship, unemployment, shortage of forex exchange for importation of goods into the country among other problems.

Philip Okparaji