Fuel dealers in the South-West geopolitical zone (Lagos, Osun, Ondo, Oyo, Ogun, Ekiti states) of the country under the aegis of the Independent Petroleum Marketers Association of Nigeria have threatened to stop dispensing fuel in their various outlets this week.
It was gathered that many of the marketers had stopped dispensing fuel since last week when they exhausted their stock. They refused to lift new product because they could no longer afford to run the business at a loss.
The IPMAN Chairman in the South-West, Mr. Debo Ahmed, lamented that private depot owners were selling the product at an exorbitant price.
He said, “The result of this is that about 90 per cent of our members who can no longer continue with the business, have already stopped lifting fuel while the remaining 10 per cent have threatened to also close down their stations if nothing was done to remedy the situation this (last) week.
“Unfortunately, we cannot sell above the pump price of N145 per litre in the South-West if we don’t want to incur the wrath of the Department of Petroleum Resources.
“Our colleagues in the North, South-East and South-South are running their own businesses because they are selling above the pump price.”
Ahmed urged the Federal Government to fully deregulate the petroleum sector so that individuals could buy and sell the product at a price considerate enough to keep everyone in business.
It was gathered that many of the marketers had stopped dispensing fuel since last week when they exhausted their stock. They refused to lift new product because they could no longer afford to run the business at a loss.
The IPMAN Chairman in the South-West, Mr. Debo Ahmed, lamented that private depot owners were selling the product at an exorbitant price.
He said, “The result of this is that about 90 per cent of our members who can no longer continue with the business, have already stopped lifting fuel while the remaining 10 per cent have threatened to also close down their stations if nothing was done to remedy the situation this (last) week.
“Unfortunately, we cannot sell above the pump price of N145 per litre in the South-West if we don’t want to incur the wrath of the Department of Petroleum Resources.
“Our colleagues in the North, South-East and South-South are running their own businesses because they are selling above the pump price.”
Ahmed urged the Federal Government to fully deregulate the petroleum sector so that individuals could buy and sell the product at a price considerate enough to keep everyone in business.