We Can Not Sell Petrol Below N180 Per Litre

We Can Not Sell Petrol Below N180 Per Litre— IPMAN.

Afolabi Oyekunle.

It was one of the unusual days in Lagos on Monday as many residents spent hours waiting on queues in filling stations at various locations in the state.

This was as a result of the scarcity of Premium Motor Spirit (PMS), popularly known as petrol which affected businesses which depend on the product for power due to the erratic supply of electricity in the country.

Amid fears that the scarcity might be a result of industrial action by members of the Independent Petroleum Marketers Association of Nigeria (IPMAN), the union said it took a decision to go on strike.

In an interview with Channels Television, the Lagos Zonal Chairman of IPMAN, Akin Akinrinade, explained the rationale behind the fuel scarcity.

“Members of Independent Petroleum Marketers Association of Nigeria IPMAN have shut down their stations, not because we are striking; we are not on strike,” he said.

“Rather, the business environment has been very hostile to us such that we can no longer do business under this condition. For you to load a litre of petrol, you pay in N162 per litre.”
“You now have to add the cost of transportation which is between N6 to N8, depending on the distance within Lagos,” he explained. “If it is outside Lagos, it is much more than that.
“So, if you add N8 to N162, you already have N170 and the government which is the regulator wants us to sell at N165; we have not even added the charges at the depot and the running cost at our stations.”
“You know what diesel says now, and you know how epileptic power supply is; we run on generator, using diesel at N800 per litre. There is no station in Lagos that uses less than 50 litres (of diesel) per day.
“So, our members can no longer sell (petrol) at N165 per litre; in fact, there is no reasonable person in this business that can sell below N180 per litre, so it is not as if we are on strike,” he concluded.

Comments

Omisande: CPS Pensioners in Lagos State assured of payment of their increase pension benefits as their Federal counterparts.

By Afolabi Oyekunle. Pensioners under the Contributory Pension Scheme(CPS) in Lagos State have been urged to be patient concerning their much awaited increases, as there are assurance that all what they are entitled to will be paid earlier next year. This assurance is coming from the Chairman, Nigeria Union of Pensioners, Contributory Pension Scheme, NUPCPS, Lagos State Council, Comrade Michael Omisande. Comrade Omisande who spoke to ForumNews at the sideline of the end of year get together of Agege Zone Pensioners said what is delaying is the Template which is being awaited Comrade Omisande said just as the Federal workers who have started receiving their own entitlements, all Pensioners under the scheme in other five states will receive their own as approved by the Federal government. According to him, the PFA'S have been given till 20th December to pay all Federal Pensioners. He said after the completion of the Payment, PenCom will ther...

PenCom urges Lagos State Governor to extend periodic pension increase to retirees under CPS, as Sanwoolu welcomes the idea.

By Afolabi Oyekunle. The National Pension Commission (PenCom) has called on the Lagos State Governor, Babajide Sanwo-Olu, to extend periodic pension increases currently enjoyed by Defined Benefit Scheme (DBS) retirees to those under the Contributory Pension Scheme (CPS) to boost their monthly pensions. The Director General of PenCom, Ms. Omolola Oloworaran, made the request during a courtesy visit to Governor Sanwo-Olu at the Lagos State Government House on 7 May 2025. The visit was to present the report of PenCom’s 2024 routine inspection of the Lagos State Pension Commission (LASPEC) and to thank the Governor for confirming his participation as Special Guest at the Pension Industry Leadership Retreat starting 8 May 2025. PenCom DG pointed out that currently, only DBS retirees are paid pension increases in Lagos State, leaving out their counterparts under the CPS. DG PenCom Ms Oloworaran with Gov Sanwoolu who presented her with Lagos State plaq...

PENCOM pledges to see that Lagos State pays CPS retirees.

By Afolabi Oyekunle. Director General of National Pension Commission, Ms Omolola Oloworaran has pledged that the Commission will fast track and work towards Lagos State government paying retirees under the Contributory Pension Scheme what is due to them like their federal counterparts. She made the pledge at a media workshop in Lagos for journalists. The Director General was surprised when she was asked why the Template for the payment was not released to Lagos State government for the payment of backlog of areas and allowances as approved by the Federal government, which Federal retirees are currently enjoying. PenCom DG, Omolola Oloworaran She thereby directed her staff to work on the Lagos State matter to settle the matter towards making the Lagos State government have all the necessary information needed to pay the retirees. The PenCom Director General noted that Lagos State government was one of the few states that keyed into the progra...

Search This Blog