Buhari cannot reduce fuel price to N40 per litre – Oil marketers

The Independent Petroleum Marketers Association of Nigeria, Mosimi, Ogun State chapter has disclosed that Nigerians should not expect the incoming government to reduce the petroleum pump price to N40 per litre.
According to the Association, the ongoing issues in the industry could not make such development realistic.
It explained that it could however be reversed to N87 per litre if the Federal Government builds refineries in some parts of the country.

The Chairman of IPMAN, in the state, Adeleke Bada made this disclosure shortly after the association’s Annual General Meeting held in Abeokuta.
The association was reacting to a recent statement credited to former Minister of Petroleum Resources, Tam David West who said the President-elect, Gen. Buhari would reduce the pump price to N40.
He said, “that is not possible, if you look at the nature of the market, that isn’t realistic. Do we have the refineries?
“The only reason that can be possible is when we have our own refineries and we do not export our crude oil for processing. If the processing is done in Nigeria, then it can be sold at the rate of N40 but not until all the refineries are fixed,” he added.
Speaking further, Bada faulted some makerter for not complying with the sale of Premium Motor Spirit at the N87 stipulated price.
He said “that is why they do not want to leave IPMAN alone. The government has not increased the price of fuel, it is still N87 per litre.
“But by the time you get to the depot, after paying around N2.6m for your ticket, a lot of levies are to be paid, levies from PTD, IPMAN and all others, adding them all together with the cost of transporting your trucks to the station, no one is ready to run at a loss. “I even give them (marketers) kudos for selling the fuel because they do not want the masses to suffer despite all these anomalies. That is why if you can afford to buy it at the prices they sell, then go on because we make use of it everyday.”