Petrol hike: IPMAN directs members to revert to old price of N170

The Independent Petroleum Marketers Association of Nigeria (IPMAN) has instructed its members in the South Eastern zone of the country to revert to the old price of N170 and N175 per litre of petrol.

The Chairman of IPMAN Enugu Community Depot in charge of Anambra, Ebonyi and Enugu States, Mr Chinedu Anyaso, stated this in an interview with the News Agency of Nigeria (NAN) in Awka on Friday.

Recall that marketers in the zone on Friday adjusted their rates to between N210 and N212, which consequently threw customers into a panic.

The NAN correspondent who monitored the situation in Awka observed that the majority of the fuel stations were deserted, while long queues surfaced at the NNPC mega station, which was yet to hike the price of petrol.

One of the marketers, Mr Victor Emeka, said the downstream market was in confusion due to conflicting directives from the NNPC and PPRA.

Emeka said, “There is confusion and uncertainty in the system now, the problem is that we are not sure that the increment has ended.

“Curiously, they say the sector is deregulated. Why would they be determining the price for us.”

But Anyaso is now saying that the increase had been reversed as PPRA had pulled the notice down.

According to him, no member had reason to sell above the N170-N175 range and directed them to revert immediately in the interest of the public.

Anyaso said, “There was uncertainty on the price of the product this morning which made some of our members increase their rates, but I can confirm to you that the increase had been reversed by PPRA.

“So, we’ve directed our members to revert and respect the old rate pending further development, but I must add that some of my members bought at a high price already.”

Anyaso stated that marketers would continue to do their businesses with the public interest at heart but would not undermine their own interest.

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