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The Independent Petroleum Marketers Association of Nigeria (IPMAN), has said as a private company, the Nigerian National Petroleum Development Company Limited (NNPCL) cannot regulate price of Premium Motor Spirit, PMS, popularly called petrol.

Mr Chinedu Anyaso, Chairman of IPMAN Enugu Depot Community in charge of Anambra, Ebonyi and Enugu states, said this in an interview with the News Agency of Nigeria (NAN) in Awka on Friday.

“NNPCL is a private company. They cannot be in business and still be regulating prices. What they released recently is their own price, private marketers’ prices can only be determined by what the private depots are selling,” he said.

Anyaso described the price list recently released by NNPCL which pegged PMS between N515 and N520 in Southeast as its own company price which was not binding on independent marketers, but at best a guide.

He said marketers in the zone would continue to serve the public to the best of their abilities subject to prevailing prices at the depots.

He, however, condemned those selling PMS at as much as N600 per litre, saying it was exploitative.

He also called on the Federal Government to issue licences to more importers and allow them to bring in PMS and other petroleum products into the country.

Anyaso said current structure where the Nigerian National Petroleum Development Company Limited (NNPCL), a private company, was the sole importer of products was a monopoly that would serve the masses no good.


He said only a ‘price war’ inspired by the participation of more importers alongside NNPCL would make the price of products find their natural levels.

He said that only competitive pricing will address the current problem of PMS and other petroleum products.

“Federal Government should issue more licences to importers and those who can build refineries for there to be competition and possibly price war.

Most private outlets in Awka, the Anambra capital city, have closed their doors to customers while those selling were doing so for between N580 and N600 per litre.


Source: PM NEWS


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