The Independent Petroleum Marketers’ Association of Nigeria (IPMAN) has explained the reason for fuel scarcity in Lagos.
The Chairman of IPMAN Lagos Depot, Akinrinade Akinade said many IPMAN members were not buying the products because private depots have jerked up the retail price.
Akinade who revealed that the association had informed the appropriate authorities on the development, added that the situation might get worse if the authorities fail to intervene immediately.
In his words:
“For some days now, the private depots have jerked up their ex-depot price and it will be difficult for our members to sell at the price they are selling to us and that is what accounts for the flash queues you are seeing now.
“We have contacted the authority. Since last Monday, the private depots just jacked up their price. If you buy at the rate they are selling now, you won’t make any profit.”