The Independent Petroleum Marketers Association (IPMAN) has called on the Federal government to come up with palliative measures to support its members who may incur losses due to the sudden reduction in fuel pump price.
The Federal Government had on Wednesday announced the reduction of fuel pump price from N145 per litre to N125 per litre.
Alhaji Bashir Danmalam, the IPMAN chairman, Kano branch made the call while speaking to newsmen in Kano on Thursday.
He said the union found it necessary to make the request in view of the fact that 95 per cent of its members who have old stocks of the commodity would incur a huge loss following the reduction of the fuel pump price.
“Even though we are happy with the new development and the Federal Government should be commended for the gesture but the government should consider the fact that many of our members with old stocks will incur a huge loss.
According to him, the palliative measures would go along way in reducing the loss the marketers will incur since most of them have the old stocks which were supposed to be disposed at the N145 per litre in order to recover their money.
“Even before the announcement, many of our members have already bought and loaded their vehicles with the product at old prices from Lagos, Port Harcourt and Warri.
“So by the time they reach their various destinations, they must sell the product at N125 per litre instead of N145 per litre which means they will have to incur some losses as there will be a margin of N20,” Danmalam said.
The IPMAN chairman expressed hope that the Federal Government would come to their aid as it had promised to support private depots.
