IPMAN: Contrary To Public Opinion, Product Price Might Reduce In The Coming Months

The National Public Relations Officer, IPMAN, Yakubu Suleiman has called on the federal government to look into the absurd fees marketers have to pay to the petroleum tanker drivers. He also stated that marketers are not happy with the petrol price hike.

“It’s just speculations that marketers are making profit. If any marketer can tell you that he is happy with the profit he is getting, maybe he just wants to deceive himself. That was why we are even calling on the authorities to even intervene to talk to the petroleum tanker drivers to see reasons to reduce their fees which can make most of our marketers run out of business. We are really worried about that aspect. 

“The regulation is inevitable; we must face it. That is the reality. Certainly, the products price will be lower maybe by next two or three months. It is not going to be stagnant the way people are thinking it. We need Nigerians to understand. We still have the cheapest product compared to other African countries.

“We pray, with the kind of encouragement we are getting from the import, product supply we don’t have problem with it, products are going to be available. We are just praying that crude oil will come down but basically, we are praying for the Russia-Ukraine war to calm down, so that vessels can have easy routes to pass. If crude oil keeps going up, certainly the prices will have to go up. We are hoping that this rise in crude oil will not continue” He said

Suleiman also stated that though the landing cost is at five hundred and sixty-five, he cannot reveal all the cost that goes into it that brought about the current selling price.

 “The landing cost at the moment and as at today, is at five hundred and sixty-five naira. Now we are selling at 617. It’s a team and importers are not a one-man affair. It’s what we have to sit down and negotiate. This is an inside detail. I can’t just come and be telling you the total detail of the cost that goes in. It’s a long calculation and not something we can come out in the public and start discussing.” He said

Chioma Kalu

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