The Independent Petroleum Marketers Association of Nigeria (IPMAN) has stated that its members cannot continue to sell Premium Motor Spirit (PMS), commonly known as gasoline, at the regulated price of N165 per litre due to an unfavourable economic climate.
Monday in Lagos, Akin Akinrinade, chairman of the Lagos satellite depot, informed the media of this information.
No longer can our members sell at N165. In fact, no sane businessperson in this industry can sell for less than N180 per litre,” he stated.
He noted that IPMAN members shut down their stations because of the unfriendly business climate and not because of a strike.
“We are not on strike; rather, the business environment has become so hostile that we can no longer operate under these circumstances.”
“You will be charged N162 per litre of gasoline.” Depending on the distance inside Lagos, the cost of transportation is between N6 and N8, which must be added to the total. If it is outside of Lagos, the price is significantly more.
“Therefore, if you add N8 to N162, you get N170, and since this commodity is regulated by the government, they want us to sell it for N165.” We have not included depot fees and operating expenses at our stations.”
The chairman of the Lagos satellite depo noted that the cost of diesel had increased due to the country’s erratic electrical supply, which has also affected the operating expenses of its members.
“You now understand what diesel is and what epileptic power supply is. We run on generators using diesel at N800 per litre. There is no station in Lagos or anywhere else that uses less than 50 litres of fuel each day, he stated.
On Monday, long lines at gas stations reappeared in Lagos, the country’s economic powerhouse, causing traffic and immense suffering for the people. This comes days after fuel shortages arose in Ibadan, the capital of the state of Oyo.