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IPMAN Kicks Against Fuel Price Reduction To N123.50
The Independent Petroleum Marketers Association (IPMAN), yesterday, kicked against the N123.50 new fuel pump price announced by the Petroleum Products Pricing Regulatory Agency (PPPRA) effective April 1, saying that its members would not comply with the adjustment until they have exhausted their old stocks.
This was as it says that its members incurred losses to the tune of N5.5billion from the N125.50 price adjustment from N145 per litre barely two weeks ago.
The Chairman, Kano branch of IPMAN, Alhaji Bashir Danmalam, stated this while speaking with newsmen in the state on the development of the new N123.50 pump price.
It would be recalled that the Federal Government reduced the price from N145 to N125 and now to N123.50, yesterday.
Danmalam said, “the last time the Federal Government reduced the pump price of the product from N145 per litre to N125 per litre, our members nationwide lost over N5.5billion as a result of the sudden reduction.
“We called on the government to compensate or support our members who incurred the huge losses due to the sudden reduction in fuel pump price but nothing was given to us.
“But to our surprise, the private depot’s owners were paid but none of our members was supported to cushion the losses they incurred. This time around we will not sell our product at that price until the old stocks are exhausted. We will not continue to operate at loss.
“Apart from the Federal Government, IPMAN is the largest employer of labour in the country and we cannot afford to continue to support the government at this trying time while as business people we are operating at loss.
“Even though we are happy with the new development and the Federal Government should be commended for the gesture but the government should consider the fact that no sane marketer or businessman will continue operating his/her business at loss.
“Before the last announcement, many of our members have already bought and loaded their vehicles with the product at old prices from Lagos, Port Harcourt and Warri and we spend five to seven days before reaching our destinations. So, we are not going to sell the product at the new price until we sell the old stocks.
“The management of the PPPRA should be accused of trying to sabotage the Federal Government’s efforts to ensure sustained fuel supply and distribution across the country through some policies that could plunge the sector into a serious crisis.
“We would not hesitate to ask our members to withdraw their services should any filling station of its member is closed for not selling at the new pump price of N123.50 per litre.
“We hope the Federal Government will see reason and come to the aid of our members as it supported private depots because our members will not continue to operate at loss,” Danmalam stated.
Earlier, the Federal Government, had further slashed the price of Premium Motor Spirit (PMS), also known as petrol, to N123.50 per litre, with effect from April 1, 2020, from N125 per litre. The new price, which would last throughout the month of April, was coming on the back of a continuous decline in the price of crude oil in the international market.
In a statement in Abuja, Tuesday night, Executive Secretary of the Petroleum Products Pricing Regulatory Agency (PPPRA), Mr. Abdulkadir Saidu, stated that the new price was in line with the approval of the Federal Government for a monthly review of the price of petrol.
He said, “PPPRA, in line with the government approval for a monthly review of Premium Motor Spirit (PMS) pump price, hereby announces Guiding PMS pump price of N123.50 per Litre.
“The Guiding price which becomes effective 1st April, 2020, shall apply at all retail outlets nationwide for the month of April, 2020.
“PPPRA and other relevant regulatory agencies shall continue to monitor compliance to extant regulations for a sustainable downstream petroleum sector. Members of the public and all oil marketing companies are to be guided accordingly.”
The Federal Government had on March 18, announced a reduction in the price of fuel from N145 per litre to N125 per litre.
Hours after the announcement of the reduction, the PPPRA explained that there is the possibility of a new price regime for the commodity from April 1, noting that the new N125 per litre pump price would last till the end of March, 2020.
Addressing newsmen in Abuja, Executive Secretary, PPPRA, Mr. Abdulkadir Saidu, had stated that the agency would be undertaking a review of PMS price, and would announce a new price for the commodity, April 1, 2020, if there is a change in the parameters used in determining the current price.
He noted that the price announced Wednesday, March 18, 2020, would apply till March 31, 2020, and a new price might come into effect after the review, adding that henceforth, PPPRA would be undertaking a review of petroleum products prices on a monthly basis.
The Governor of Rivers State, Sir Siminalayi Fubara, has approved a minor cabinet reshuffle in the State Executive Council.
Under the new disposition, Barrister Christopher Green, who until now served as Commissioner for Sports, has been redeployed to the Ministry of Justice as the Honourable Attorney General and Commissioner for Justice.
This is contained in an official statement signed by Dr. Honour Sirawoo, Permanent Secretary, Ministry of Information and Communications.
According to the statement, Barrister Green will also continue to coordinate the activities of the Ministry of Sports pending the appointment of a substantive Commissioner to oversee the ministry.
The redeployment, which takes immediate effect, was approved at the last State Executive Council meeting for the year 2025, underscoring the Governor’s commitment to strengthening governance, ensuring continuity in service delivery, and optimising the performance of key ministries within the state.
Rivers State Governor, Sir Siminalayi Fubara, has declared that his administration will ensure the delivery of developmental projects and the prevalence of peace in all parts of Rivers State.
The Governor emphasized that the achievement of these lofty ideals can only occur through the unwavering contributions of all Rivers stakeholders.
Speaking during the commissioning of the 10.7-kilometre Egbeda–Omerelu Road constructed by his administration, the governor said Rivers State can only move forward when its people choose unity over division.
He assured Rivers people that development projects would reach every part of the State but cautioned that progress cannot thrive where conflict persists.
Reflecting on the project, Governor Fubara recalled that the road was a promise he made during the inauguration of the first phase about a year ago.
“We made a promise that we were going to do this project, and today I am happy that the government has fulfilled that promise made to Emohua people, Egbeda community and Omerelu people,” he said.
He noted that the essence of governance is service to the people, adding that responding to their needs is a core responsibility of any administration.
“We decided to do this because you know where we are coming from, and if we don’t tell our story, many won’t know what we are doing. Even in the face of tribulations, we have remained focused on delivering the dividends of democracy. We will continue to serve our people with respect and honour,” he affirmed.
Governor Fubara also reiterated his support for President Bola Ahmed Tinubu, pledging to back all groups working towards securing the President’s victory in 2027.
Giving technical details of the project, the Permanent Secretary of the Ministry of Works, Dr. Austin Ezekiel-Hart, explained that the contract was awarded on October 27, 2024, to Messrs Johnson Roadworks Limited.
He said the road links communities in Emohua and Ikwerre LGAs and shortens travel time for motorists commuting from Ahoada East, Ahoada West and Omoku through Egbeda to Owerri in Imo State.
He added that the infrastructure features a 12-metre clearing width and an 8-metre asphalt surface, comprising a 50mm binder course and a 40mm wearing course. It is complemented by 24 kilometres of drainage channels with a 1.05m² cross-sectional capacity to ensure durability and efficient water flow.
In his remarks, the Chairman of Emohua Local Government Area, Dr. Chidi Lloyd, described the road as a crucial link for surrounding communities, significantly easing movement for residents.
He praised the governor for demonstrating continuity and consolidation and prayed for God’s strength to enable him to achieve even more for the people.
Governor Siminalayi Fubara says Rivers State remains the best investment destination for investors in the oil and gas sector.
Governor Fubara stated that since the economic development of Rivers State is closely connected to the growth of the oil and gas industry, his administration has continued to collaborate with the Federal Government and host communities to protect natural assets in the sector.
The Governor stated this during the Nigeria and Entrepreneurship Summit and Honours (NESH) Foundation Oil and Gas Roundtable in Port Harcourt.
Represented by the Secretary to the State Government, Dr. Benibo Anabraba, he pointed out that since the economy of Nigeria relies substantially on the oil and gas sector, his administration will continue to collaborate with relevant stakeholders to ramp up production.
“The Nigerian oil and gas sector is the lifeblood of our nation’s economy, contributing over 90% of Federal Government’s foreign exchange earnings. Similarly, Rivers State, home to numerous national and multinational oil and gas companies, is the centre of Nigeria’s hydrocarbon industry, with the State’s oil and gas resources generating over 40% of the country’s revenue.
“?Considering this, the survival and economic development of Rivers State are closely connected to the growth of the oil and gas industry. That is why, since the beginning of this administration, we have focused on safeguarding the national oil and gas assets in collaboration with the Federal Government, security agencies, communities and other stakeholders, and we will maintain this commitment for as long as it is necessary.
“Furthermore, we have established and maintained a conducive, peaceful, and secure environment for companies to open and flourish in the State as part of a strategic plan to stimulate our economy, generate jobs, and enhance the well-being of our citizens.
“We therefore recognise and applaud the vital role that indigenous companies are currently playing in bridging gaps and advancing the development of Nigeria’s oil and gas industry,” he stressed.?
Governor Fubara affirmed that Nigerian-funded companies can only succeed and make meaningful contributions to the nation’s economic prosperity when challenges that limit the nation are effectively tackled, and expressed his administration’s stand to support indigenous organisations such as the Nigeria and Entrepreneurship Summit and Honours (NESH) Foundation.
Declaring the roundtable open, the Governor assured the Nigerian-Owned companies in the oil and gas sector, that “we are ready and willing to respond positively to any administrative, policy, or legislative recommendations within our jurisdiction as a subnational State.”
The Founder of the Nigeria and Entrepreneurship Summit and Honours (NESH) Foundation, Mr Emeka ugwu-Ozu, disclosed that the summit, held only in an oil and gas producing place, is a forum for all in the industry to brainstorm and suggest best practices for local players.
“This roundtable discussion takes place in only oil and gas producing states, and it is intentional. And that is to make sure that sooner, it becomes like what we say is the equivalent of Houston in the United States of America.
“I would say that from what I have seen so far, Rivers State is back and open, safe and good for business. The oil and gas players should come and see what we have seen,” he said.
