The Independent Petroleum Marketers Association of Nigeria (IPMAN) has pleaded for time to enable members exhaust their old stock of petroleum products before the new petrol pump price comes into effect.
The Federal Government had on Wednesday announced a downward review of petrol price from N145 to N125, in response to the crash in crude oil price and glut in the international market.
Commending President Muhammadu Buhari for bringing down the price, IPMAN, in a statement on Thursday by its National President, Sanusi Fari, said the reduction in price would go a long way in alleviating the burden of the masses.
“We are only asking the Federal Government, through the Department of Petroleum Resources (DPR) and other relevant agencies to allow Independent Marketers to exhaust their old stock at the shortest possible time to avert imminent collapse of our investments, due to anticipated losses”, IPMAN said.