The Independent Petroleum Marketers Association of Nigeria (IPMAN) has commended the federal government for the slash of petroleum pump price from N145 to N125 per litre, describing the decision as timely.
The group in a statement signed by its national president, Alhaji Sanusi Fari, however, called on the government to give its members time to sell off their old stocks to avert loss of investments.
“We are grateful to President Muhammad Buhari for approving the reduction. It will help in alleviating some burden on the masses. We equally thank the Hon. Minister of State for Petroleum Resources, Chief Timipre Sylva for his prompt advice to the Federal Government on the need to lower the price of PMS in line with the falling price of crude oil in the international market,” it said.
The statement further said the group expressed gratitude to the group managing director (GMD) of NNPC, Mele Kyari, for his immediate response and promised to abide to the new price regime.
It, however, appealed to the government to go through the Department of Petroleum Resources (DPR) and other relevant agencies to allow independent marketers to exhaust their old stock at the shortest possible time to avert imminent collapse of their investment due to anticipated losses.
“We call on our members to continue to serve the public in the interest of the generality of the populace,” it added