[size=14pt]Fuel Glut: Petrol Now Sell Below N65 in Delta[/size]
Published On Sunday, August 01, 2010 By admin. Under: Delta State.
By Omafume Amurun,

Several filling stations in Effurun, Warri and environ has started selling fuel below N65 per litre just as the Chairman, Independent Petroluem Marketing Association of Nigeria(IPMAN) Chief Akpos Edafevwotu attributed the situation to petrol supply exceeding demand.

Chief Edafevwotu who spoke on July 29, 2010 during the ordinary general meeting of the association held in Ekpan-Effurun said the current glut in the supply of petrol was very healthy for the business and it showed that deregulation of the down stream industry could bring than prices contrary to general believe.

He said what determined the price of any product was availability and that the current plans by IPMAN could also flood the market with products. According to him already the IPMAN Mid West zone had registered a mega station known as Deldo Petroleum PLC and they were in the process of partnering with Neptune Energy Services for bulk purchasing and sales.

The IPMAN chairman also noted that the current pumping of products to Benin depot by the Petroleum Products Marketing Company(PPMC) could free a lot of products normally transported by road and these products would be available for consumers in Warri and environs thereby forcing down prices as it would be better to make small profit regularly rather store your products indefinitely because you would want to sell at N65 per litre

Chief Edafevwotu gave details of efforts he had make so far to fulfill his prograamme which he said was based on peace and security, members welfare as well as enhancement of members income. He expressed happiness about the peace and decorum in the environment and the level of cohesion and harmony between marketers and other stakeholders.

According to him, the presence and dominance of peace does not mean there was no threat of crisis. He noted that previously people’s car booths, offices were broken into and looted as well as harassment of marketers.

He informed his member about the N100 million facilities being offered to marketers by Eagle Flight Bank and appealed to marketers to ensure that they pay their statutory fees to weight and measures for their pumps and dipping sticks.

Chief Edafevwotu noted the letters from Uvwie and Ubeji marketers for executive positions and said the issues were being handled at the constituency level but emphasized that IPMAN had a constitution and that at all times the body would be governed by majority decision.

He noted with delight the excellent work done by the three committees set up by his administration. They included the conflict resolution committee headed by Mr. Aremu Stephen Akintoloa, the Security committee headed by Pastor Felix Otubu and the Welfare committee led by Dr. Dozie Iroegbulem.

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