In a seven-day ultimatum to the Federal Government, the oil industry has threatened to stop using private depots if the latter does not act to reduce price inequity.
Akin Akinrinade, the chairman of the Independent Petroleum Marketers Association of Nigeria (IPMAN), Satellite depot, who also represents the South-West, told reporters in Lagos that depot owners would purchase fuel from the Nigerian National Petroleum Company Limited at a price of N148 per litre but sell it to IPMAN members at a price of N220 per litre.
In Lagos, IPMAN members had no choice but to sell at N250 per litre, and above N250 in other areas, according to Akinrinade. Meanwhile, the Nigerian Midstream and Downstream Regulatory Authority has assured the public of adequate fuel supply across the country.
Punch