Marketers cut petrol price to N140 per litre



Tuesday, February 19,2019

…say N5 per litre decrease’s election sacrific

For the first time in 58- year history of Nigeria, independent marketers of petroleum products yesterday announced reduction in the pump price of Premium Motor Spirit (PMS) also known as petrol to N140 per litre over the rescheduled polls. National President of Independent Marketers Association of Nigeria (IPMAN), Chief Chinedu Okoronkwo, disclosed this in an interview with New Telegraph in Lagos. He said that the reduction of fuel price from its current N145 per litre was a sacrifice for the re-scheduled general elections. “It is a temporary measure that is expected to end after the elections,” he said. This is the first time in the history of Nigeria that marketers – who are generally businessmen – slashed the pump price of petrol over elections. Stating that he was optimistic that the IPMAN member-filling stations across the country would comply with the directive, Okonronkwo said that his executive had also put machinery in place to ensure total compliance with the directive.

The intention, he explained, was to make fuel cheaper and make it easy for Nigerians who have plans to travel from one point to another in a bid to exercise their civic rights. In a show of optimism over compliance to the directive, Okoronkwo said: “Yes, everyone will comply and we shall ensure that this happens through our executive at national, states and depot levels.

“It is true that we have announced the reduction in the price of PMS and we did this as sacrifice. “To all of us at IPMAN, we believe (that) no sacrifice is too big or too much for our country.” The last time a major readjustment was made to petrol price was on May 11, 2016 when the price was moved from N87 to N145 per litre in what the Minister of State for petroleum resources, Dr. Ibe Kachikwu, referred to as “price modulation.” While the May 11 instance is expected to last for a long time, the N140 per litre price announced by IPMAN would lapse after the elections. Asked how his members are expected to recoup their money, Okoronkwo explained that the motive behind the move was not for business gains, but purely for patriotism. The major marketers did not, however, take any action that could have effect on the pump price.

The Executive Secretary of Major Oil Marketers Association of Nigeria (MOMAN), Mr. Clement Isong, neither picked calls nor responded to messages when New Telegraph sought his reaction to the price reduction yesterday. A source at MOMAN, however, told this newspaper that the association, which is in business, is apolitical and as such, will keep distancing itself from taking any steps in this direction.

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