Africa Press-Nigeria:
Independent Petroleum Marketers Association (IPMAN) on Wednesday directed its members to stick to the sell of the old price of N125, rather than revert to the new pump price adjustment until their old stock are exhausted.
The Petroleum Products Pricing Regulatory Agency (PPPRA) had on Tuesday announced another reduction of pump price from N125 per litre to 123.50 Per litre.
The latest adjustment came less than two weeks after the Federal government dropped the pump price from N145 to N125.
Alhaji Bashir Danmalam, the IPMAN chairman, Kano branch, who gave the directive while speaking to newsmen in Kano on Wednesday, said members of the association will not comply with the new price regime until after they sold all their old stocks.
According to him, 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 N5.5 billion as a result of the sudden reduction.
“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 but none of our members was supported to reduce the losses they incurred. This time around we will not sell our product until the old stocks are exhausted.
He noted that the Independent Petroleum Marketers Association of Nigeria (IPMAN) is the largest employer of labour besides the Federal Government adding that members of the union will not continue to operate at loss.
