Fuel price increase: Oil marketers explain why they are selling old stock at new prices

Oil marketers under the aegis of the Independent Marketers Association of Nigeria (IPMAN) have explained that its members needed to sell their stock of petrol at the new prices to remain in business.

IPMAN revealed that many of its members have gone out of business due to the removal of fuel subsidies as they were unable to raise money to load from depots and the Nigerian National Petroleum Company (NNPC) Limited.

This was made known by IPMAN President, Chinedu Okoronkwo, while speaking on a Channels Television programme, Sunrise Daily, on Wednesday, July 19, 2023, where he stated that its members immediately increased the pump price of petrol from over N500 per litre to over N617 per litre on Tuesday morning to stay afloat.