Breaking: IPMAN orders shutting down operations, fueling stations
The association had appealed to the Federal Government for more time to sell Premium Motor Spirits at the official price of N195 per litre, but the majority of filling stations refused to comply as the product operated by IPMAN members in the majority of states continued to sell for between N400 and N450 per litre.
The Independent Petroleum Marketers Association of Nigeria has instructed its members to cease all operations throughout the country.
In a statement signed by the association's head, Mohammed Kuluwu, on Tuesday, the marketers were also instructed to halt payment for products ordered from the source until further notice.
The organisation explained that the decision resulted from "the catastrophic situation as it affects our sourcing and selling of product at a loss and the action of the authority to impose the selling of product at a loss on our side."
The association had appealed to the Federal Government for more time to sell Premium Motor Spirits at the official price of N195 per litre, but the majority of filling stations refused to comply as the product operated by IPMAN members in the majority of states continued to sell for between N400 and N450 per litre.
The circumstance has compelled the majority of motorists to park their cars and use commuter and shuttle buses, as well as tricycles, for transportation within the cities at exorbitant rates.
With IPMAN's new direction to its members, Nigerians face a more difficult future.
More later ….