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Bickering over N140/lit fuel price
#1
Business
Bickering over N140/lit fuel price
 
[Image: Conoil.png]

Nigerians have expressed disappointment over unkept promise by Independent Petroleum Marketers Association of Nigeria (IPMAN) to sell petrol at N140 per litre due to the rescheduled elections. Adeola Yusuf looks at the implications of this on the oil industry.

 
The last minute efforts by IPMAN to deodorize its battered image last week fell flat on its face. The association had earlier raised hope of a cut in fuel price for Nigerians. Its National President, Elder Chinedu Okoronkwo, had directed all it’s members of the marketers’ group to cut their price for petrol for as low as N140 per litre.
The high hope resulting from the promise was not only dashed, but also turned the association into a laughing stock, as it brought to the fore the seeming intractable nature of factions in IPMAN.

The bickering
Marketers of petroleum products were last Tuesday sharply divided over this directive for them to cut price of petrol to N140 per litre.
Chairman of a faction of IPMAN, Chief Chinedu Okoronkwo, who gave the directive, maintained that the price cut was a sacrifice to be made by marketers for the rescheduled elections.
His directive was, however, punctured by members of the association in Mosimi depot.
Led by a former deputy Chairman of IPMAN at the depot, the marketers noted that the decision to cut price was not well thought through.
The IPMAN members said that the directive will expose a lot about the genuiness of the motive for which it was offered.
“I kept wondering where they could get that idea from,” a major marketer exclaimed after his anonymity was guaranteed in a telephone interview with New Telegraph:

“The only institution that could cut price is NNPC, which is the sole importer of PMS. Even if that is done by NNPC, it would mean that the corporation will bear the brunt by recording more under recovery.
“The question is: how could marketers whose profit margins have been made miserable by the the current market realities, declare a cut in price?” he retorted.

In favour of N140 per litre

But the South West chapter of IPMAN appealed to members to abide by the directive, noting that this was part of the association’s contribution towards encouraging voters to participate in the election processes.
Reacting to a boycott of the directive by Mosimi depot chapter, Caretaker Chairman of IPMAN Western zone, Obafemi Ogbaro, made the appeal in a statement issued after the chapter’s executives meeting in Lagos.
“My attention has been drawn to a purported press statement credited to a marketer in Mosinmi depot who was a former vice chairman of IPMAN western zone denouncing the directive of our IPMAN National President Elder Chinedu Okoronkwo to our patriotic members to sell petrol to the general public at #140 per litre,” he said.

The association, according to Ogbaro, took the decision to ameliorate the suffering of the masses because of the rescheduled elections.
“IPMAN members as a responsible association felt the pains Nigerians suffered for travelling to their various destinations to perform their civic duties of voting the candidate of their choice in the Presidential, National Assembly, Governorship and State Assembly elections, which was rescheduled to 23rd Feb 2019 and 9th March 2019 respectively,” he said.

“This will eat into our members’ profit but we have to give back to the society as part of our Corporate Social Responsibility.”
The reduction in price, he continued, would “commence from Wednesday 20th of February 2019 to 11th march 2019.
“IPMAN western zone caretaker chairman hereby enjoined IPMAN members nationwide to abide by the president directive,” he said.
It would be recalled that the national president of IPMAN, Elder Chinedu Okoronkwo directed members nationwide to reduce petroleum pump price from N145 per litre to N140.

This was announced in a statement signed by the National President of the association, and issued through the Chairman, IPMAN Kano state chapter, Alhaji Bashir Dan-Malam.
Okworonkwo said the marketers were expected to comply with the directive from Feb. 20 to Feb. 25.
He said the decision followed the Saturday’s last-minute postponement of presidential and National Assembly elections by INEC.
According to him, Nigerians travelled to different places across the country to cast their votes, but to their dismay, the election was shifted to Feb. 23.
“IPMAN was prompted to slash N5 from the N145 per litre official Petroleum pump price in a bid to motivate Nigerians to return to vote again on Feb. 23.
“We urge all our members across Nigeria to immediately reduce the fuel pump price from N145 per litre to N140 per litre,” Okworonkwo said.
“This is because of the political situation that hit the country after INEC suddenly announced the postponement of presidential and National Assembly elections after Nigerians were fully prepared.

“We are all aware how Nigerians travelled to different parts of the country in order to exercise their civic duty; unfortunately, they heard a sad news of postponement of the polls,”
This, he said, made IPMAN to deem it fit to reduce the pump price in order to ease their suffering, and to also motivate them to travel again to exercise their franchise on February 23.”

He, therefore, urged his members nationwide to immediately comply with the directive to enable Nigerians to travel to exercise their civic responsibility.
Okworonkwo maintained that the IPMAN’s decision followed President Muhammadu Buhari’s concern over the election postponement.
“We decided to express our concern over the postponement, as president Buhari expressed concern over the development,” Okworonkwo said.
“As Buhari apologized to Nigerians to show restraint and return to polling units on Feb. 23, IPMAN also called on the citizens to exercise patience and come out en mass to cast their votes on the rescheduled date,”

Another faction kicks

But the factional leadership of IPMAN dismissed media report that it had directed its members to sell petrol below the official pump price of N145 a litre.
IPMAN in a statement by its National President, Alhaji Sanusi Fari, called on members nationwide to continue to render services to the public within official price.
Reacting to the purported directive to members to sell PMS at N140 per litre, Fari noted: “Members who wish to sell at any price below N145 were free to do so because the current government policy that makes the product available encourages price competition.
“The National President of IPMAN, Fari, has called on members to continue to render their services to the public in view of the one week postponement of the general election and not to sell petrol (PMS) above the Federal Government’s approved pump price of N145.
“Members who wish to sell at any price below N145 are free to do so because the current government policy that makes the product available encourages price competition.
“The National President has not ordered that marketers should sell at N140 and for anybody to issue such directive suggests lack of the realities on ground.”
Similarly, the Western Zone of IPMAN advised members to ignore the purported directive asking member filling stations across the country to sell PMS at N140 a litre.”
A statement by the zone’s acting chairman, Kunle Bamigboye, said: “For the avoidance of doubt, PPMC’s ex-depot price to us has not been reduced by a dime as at the time of this press release. Similarly, other related costs associated to getting fuels to our various stations also remained unchanged.”

Even in Bauchi


IPMAN, Bauchi branch said it will not reduce pump price for PMS until it receives directive from the national body, from N145 to N140 per litre
State chairman of the association, Alhaji Rabiu Ahmed Baba disclosed this while answering questions from newsmen in Bauchi, saying that the branch may not comply with the directive as no official correspondence took place between the state branch and the national body.
“Even if the branch receives such directive from our national body on the matter, the state branch will still has to convene an emergency meeting on weather to comply with the directive or not. “ he said.
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