Independent Petroleum Marketers identify cause of fuel price hike

Posted by News Express | 14 May 2015 | 3,370 times

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The Independent Petroleum Marketers Association (IPMAN) in Ondo State has attributed the high price of fuel in the state to the non-functioning of the oil depot in the state.

IPMAN also added that the additional cost of lifting refined products from independent depots in Lagos adds to the factors responsible for the fuel price hike in the state.

The Chairman of IPMAN, Ore Depot, Ondo State, Bayo Olowookere and the ‎Public Relations Officer of the Western zone of IPMAN, Lateef Jayeola, stated this in separate interviews with journalists in Akure, the state capital.

Mr Olowookere revealed that the quantity of fuel being supplied by the depots to Ondo State is not enough to meet the demands of consumers.

He added that the fear of impending industrial action by oil workers also contributed to panic buying by consumers.

Mr Jayeola on his part said the fuel being sold in the state is not directly allocated, as independent marketers in the state buy fuel for as high as N100 per litre from depots in Lagos and cannot afford to sell at the official pump price of N87 per litre‎.

•Sourced from Channels TV. Photo shows queue

Source: News Express

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