Following the reduction of pump price of petrol from N125 per litre to N123.50 per litre, the Independent Petroleum Marketers Association in Kano State has directed its members to ignore the directive on new price and sell the product at N125 per litre until their old stocks are exhausted.

IPMAN’s Chairman for Kano State, Alhaji Bashir Danmalam, who gave the directive while addressing a news conference in Kano on Wednesday, said members of the association would not comply with the new price regime until after they had sold all their old stocks.

The Petroleum Products Pricing Regulatory Agency had on Tuesday night announced the reduction of pump price from N125 per litre to 123.50 per litre.

According to Danmalam, the last time the Federal Government reduced the pump price of the product from N145 per litre to N125 per litre, its members nationwide lost over N5.5bn as a result of the sudden action.

“We called on government to compensate or support our members who incurred the huge losses due to the sudden reduction in fuel pump price but nothing was given to us.

“But to our surprise, the private depots owners were paid; none of our members was supported to reduce the losses they incurred. This time round, we will not sell our products at the new price until the old stocks are exhausted.”

He noted that IPMAN was the largest employer of labour besides the Federal Government, adding that members of the union would not continue to operate at a loss.

“Apart from the Federal Government, IPMAN is the largest employer of labour in the country and we cannot continue to support the government at this trying time while we are operating at a loss,” Danmalam said.

He accused the management of the PPPRA of trying to sabotage the Federal Government’s efforts to ensure sustained fuel supply and distribution across the country through some policies that could plunge the sector into a serious crisis.

“Even though we are happy with the new development and the Federal Government should be commended for the gesture, the government should consider the fact that no sane marketer or businessman will continue operating their business at a loss.

“Before the last announcement, many of our members had already bought and loaded their vehicles with the product at old prices from Lagos, Port Harcourt and Warri and we spent five to seven days before reaching our destinations. So we are not going to sell the product at the new price until we sell the old stocks.”

He said the union would not hesitate to ask its members to withdraw their services should any filling station of their  members be closed for not selling at the new pump price of N123.50 per litre.

The Punch