Why petrol pump price rose to N158 per litre in Akwa Ibom – IPMAN

A senior member at IPMAN (Independent Petroleum Marketers Association of Nigeria), Akwa Ibom chapter, says private depot owners have increased the price of petrol sold to their members, and that has affected the petrol price at the outlet stations in various states.

The state IPMAN Chairman, Mr Ubong Isong, disclosed this in Eket while speaking on the current price hike of petrol in Akwa Ibom, on Thursday, December 7.

He added that IPMAN members are currently lifting fuel at the cost of N144 per litre as against N133.28 benchmark approved by the government.

Isong further explained that the moment marketers add their transport and loading expenses, the price of petrol will land between N148 and N149.

Explaining why the product is being sold for N158 in some states, Isong said the marketers have to sell between N155 and N158 per litre in order to make profit from their investment.

In his words: “We want to let you know that our operation recently is having problem of price.

“What I can say exactly is that private depot owners have increased the price of petrol sold to our members , this affects the petrol price at the outlet stations in the state .

“The product we received is not being given at government approved ex – depot price of N 133 . 28,” Isong reiterated.

“If marketers add their transport and loading expenses, the price of petrol will land between N 148 and N 149.

“So they have to sell petrol between N 155 and N 158 per litre in order to have profited from their investment.”Isong said.

He said that if NNPC had enough supply for marketers , the entire system would be flooded with petrol and the pump price would return to N 145 per litre.

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