IPMAN calls for private depots sanction over sharp practices

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The Independent Petroleum Marketers Association of Nigeria, IPMAN, has appealed to the Department of Petroleum Resources, DPR, to sanction all private depots in Apapa area of Lagos selling petrol above the regulated price of N133.28 per litre.

Chairman, IPMAN, Western Zone, Alhaji Debo Ahmed, stated this in Lagos and said 90 percent of petroleum products imported into the country were distributed through government-owned depots, many of which are currently down.

As a result, private-owned depots are now being used to distribute these product in place of the Pipelines and Products Marketing Company, PPMC, depots.

Ahmed explained that many depot owners at Apapa sold petrol at between N140 and N145, against the Petroleum Products Pricing Regulatory Agency, PPPRA, price template of N133.28.

“It is extremely difficult for marketers outside Lagos to buy petrol at N145 from the depots and sell at same price to consumers,” Ahmed said, adding, “The marketers in Ilorin, Ore, Ondo, Akure, Ibadan and Osogbo, are running at a loss”.

Ahmed also appealed to the Federal Government to review the activities of DPR officials at Apapa private depots, alleging that they connive with depot owners to sell products above regulated price.

“Federal Government should wade into the matter and wield the big stick on dishonest depot owners taking advantage of the shutdown of government-owned depots to make life difficult for people.

“We marketers within the South-West – Lagos, Ibadan, Ore, Ilorin and Ekiti – find it extremely difficult to load at Apapa depot due to bottleneck at the depot,’’ the IPMAN chairman said.

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Godwin Okafor is a Financial Journalist, Internet Social Entrepreneur and Founder of Naija247news Media Limited. He has over 16 years experience in financial journalism. His experience cuts across traditional and digital media. He started his journalism career at Business Day, Nigeria and founded Naija247news Media in 2010. Godwin holds a Bachelors degree in Industrial Relations and Personnel Management from the Lagos State University, Ojo, Lagos. He is an alumni of Lagos Business School and a Fellow of the University of Pennsylvania (Wharton Seminar for Business Journalists). Over the years, he has won a number of journalism awards. Godwin is the chairman of Emmerich Resources Limited, the publisher of Naija247news.

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