IPMAN Says; Local Production is a Way to Address PMS Price Hike

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The Independent Petroleum Marketers Association of Nigeria (IPMAN) has said that the local production of crude oil was the surest way to crash the retail price of products.

Chairman of IPMAN, Enugu Depot Community in charge of Anambra, Ebonyi and Enugu, Chinedu Anyaso, said this in an interview with Newsmen in Awka on Friday.

Anyaso said another strategy was to open up the import window by issuing licenses to more private investors to ensure sufficient supply and competitive pricing.

He said the increase in the price of Premium Motor Spirit as a result of the withdrawal of subsidy was also affecting marketers because there had been a significant reduction in demand for the product.

According to him, the only way to address the current price hike in the long run is to commence local production.

Written by: Helen Obih

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