IPMAN Blames Fuel Scarcity on Hostile Business Environment

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The Independent Petroleum Marketers Association of Nigeria, IPMAN, has given reasons why there is fuel scarcity in Lagos State and other parts of the Country.

The State Zonal Chairman of IPMAN, Akin Akinrinade said the operating environment has become hostile to their businesses.

According to Akinrinade, the sale of the product at the recommended price of N165 to a liter is no longer feasible, noting that the landing cost of petrol was between N175 to N178 naira to a liter.

The Chairman, however, stated that the marketers have not embarked on strike as speculated.

Written by: Helen Obih

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Federal Government Gives Reason for Non-intervention of Price of Diesel

The Federal Government has said it can not intervene in the rising price of diesel and aviation fuel. Minister of State Petroleum Resources, Timipre Sylva disclosed that the prices of both products are being impacted by foreign exchange rate. According to Sylva, it is not within the purview of the government to fix the prices since it is a global problem.

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