NEWS
IPMAN backtracks, says members will sell PMS at N165 per litre
***Asks Nigerians to stop panic buying
By John Akubo
The Independent Petroleum Marketers Association of Nigeria (IPMAN) has asked Nigerians to stop panic buying the Premium Motor Spirit (PMS) as they will continue to sell the products at the government-approved price of N165 per litre.
The association may have backpedalled on its earlier declaration that it can no longer sell the Premium Motor Spirit (PMS) below N180 per litre as the N165 per litre was no longer feasible.
The National President Elder Chinedu Okoronkwo at a press conference in Abuja on Wednesday said the Statusquo ante must be maintained moving forward since the NNPC and the PPMC have responded positively by releasing products from their tank farms that can sustain the product needs of the country for 32 days
It would be recalled that the Lagos chapter of IPMAN through its secretary, Akeem Balogun on Monday announced it would no longer be able to sell petrol below N180.
They said the decision was taken because its members could no longer operate at a loss.
They said while the government had fixed N165 per litre as the pump price of petrol, the current realities in the market showed that the minimum the product should be retailed at the stations should be N180.
The group advised its members to sell petrol at a sustainable price within their environment.
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However, the National President at the press conference in Abuja acknowledged the position of its members in Lagos saying,
“I told you the cost of doing business has changed and my members in Lagos before they did what they did, called me and told me that they are now getting this product at N162 to N165 per lite with transportation another N8, aggregating to about N170 to N173, even the N10 which supposed to be our own has been eroded, what do we do?
“Now you know and I know that it is only NNPC that imports this product into Nigeria. Some of these tank farm owners who have gone to collect this product don’t blame them because the cost of doing business has also changed.
“It became so difficult for them to sell at N148.17 but yesterday I want to tell you that NNPC and PPMC went to their tank farms and released products.
“That is why we are thanking them that with this product we can now access the product at N148.17
Statusquo ante must be maintained moving forward and from what they have told us they have products that can last us up to 32days.
“We must be happy with that knowing full well the challenges we have globally on Energy that is why we are thanking them.”
He said massive loading if the product is ongoing in Lagos adding that in a matter of days the long queues will fizzle out.
He thanked President Muhammadu Buhari for making available a N4trillion budgetary provision for subsidy, especially with the current global energy problems caused by the ongoing Russian-Ukrainian war.
He said they have engaged a consultant who will go into the books to determine exactly what the Association of Distributors and Transporters Of Petroleum Products (ADITOP) are being owed in terms of bridging claims.
According to Elder Okoronkwo, to mitigate against persistent losses there is collection of N5000 product liability Insurance by the Down Stream Regulatory Authority on behalf of IPMAN
He pleaded in a special way with the Downstream Regulatory Authority to make payments regarding Marketers’ product differentials and Bridging claims to enable their members to continue to be in business as some have been owed such claims for upward of 6 months.
He called on all members to submit their claims and all documentation to the consultant, the Benham Group for review and reconciliation
He expressed appreciation for the tremendous support of the NNPC, PPMC and other government agencies who worked hard to stabilise and smoothen supply of products across the country
The Dangote Petroleum Refinery has announced a reduction in the price of Premium Motor Spirit (PMS), also known as petrol, to ₦970 per litre for oil marketers.
This new price, effective immediately, marks a ₦20 decrease from the refinery’s previous ex-depot price of ₦990 per litre, which was set earlier this month.
In a statement released on Sunday, Anthony Chiejina, the refinery’s Chief Branding and Communications Officer, explained that the price reduction is a way for the company to express its appreciation to Nigerians for their unwavering support in making the refinery a reality.
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“This decision is our way of thanking Nigerians for their unwavering support in making the refinery a dream come true,” Chiejina said.
The statement also highlighted the refinery’s gratitude towards the Nigerian government, acknowledging the role of government measures in supporting domestic businesses.
“In addition, this is to thank the government for their support, as this will complement the measures put in place to encourage domestic enterprise for our collective well-being,” the statement read.
Despite the price cut, the refinery reassured consumers that there would be no compromise on the quality of its products. “While the refinery would not compromise on the quality of its petroleum products, we assure you of best quality products that are environmentally friendly and sustainable,” the statement added.
The company also committed to ramping up production to meet domestic fuel consumption and alleviate concerns over potential supply shortages.
“We are determined to keep ramping up production to meet and surpass our domestic fuel consumption; thus, dispelling any fear of a shortfall in supply,” the statement concluded.
The price reduction is expected to save marketers approximately ₦20 per litre on purchases from the refinery’s Lekki-based plant.
Simon Ekpa, a Finnish citizen of Nigerian descent and a controversial figure in the Biafran separatist movement, has dismissed his self-styled title of “Prime Minister of Biafra” as inconsequential.
Speaking during legal proceedings at the Päijät-Häme District Court in Finland, Ekpa stated, “I am just a content creator; the issue of Prime Minister of Biafra is not serious.”
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Ekpa’s statement comes in the wake of his arrest by Finnish authorities on charges related to incitement of terrorism.
The Finnish National Bureau of Investigation (NBI) has accused Ekpa of public incitement to commit crimes with terrorist intent.
The arrest stems from an incident in Lahti on August 23, 2021, and officials are also seeking the detention of four other suspects linked to the case.
“The detention demands are related to a preliminary investigation in which a Finnish citizen of Nigerian descent, born in the 1980s, is suspected of public incitement to commit a crime with terrorist intent,” the NBI said in a statement.
Ekpa, who has used his social media platforms to advocate for Biafran independence, has been a divisive figure in Nigeria’s southeast region.
His rhetoric and actions, including calls for economic shutdowns through “sit-at-home” orders, have been linked to widespread unrest and disruptions in the region.
The National Assembly management team, led by Clerk Sani Magaji Tambawal, has ramped up efforts to ensure a seamless presentation of the 2025 Appropriation Bill by President Bola Ahmed Tinubu.
The event, scheduled for a joint session of the Senate and House of Representatives, is regarded as a significant moment in Nigeria’s legislative calendar.
Preparations include a thorough inspection of the assembly chambers to ensure all facilities are fully functional.
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Deputy Clerk Kamoru Ogunlana, who is overseeing the technical arrangements, confirmed that key systems, including microphones, sound equipment, and other audio-visual tools, have been tested to ensure smooth communication during the session.
“We are working tirelessly to ensure that the National Assembly is fully prepared to receive Mr. President and provide a conducive environment for this significant moment in our democratic process,” Ogunlana stated.
Seating arrangements are also being finalized to accommodate lawmakers, government officials, and other dignitaries expected at the session.
Security measures are being reviewed in collaboration with relevant agencies to ensure the safety of all attendees. Meanwhile, press accreditation is being managed to facilitate effective media coverage.
The 2025 budget presentation is expected to highlight the government’s economic priorities while reinforcing the partnership between the executive and legislative arms of government.
As the session approaches, the National Assembly has expressed its commitment to upholding Nigeria’s democratic values and providing a platform for transparent governance.
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