A Review of the Nigerian Energy Industry

IPMAN to join in fuel importation

03 January 2012, Sweetcrude, LAGOS – The Independent Petroleum Marketers Association of Nigeria (IPMAN), Western Zone, has announced plans to join in the business of fuel importation.

Mr. Olumide Ogunmade, the Zonal Chairman, disclosed this in Lagos, saying the move was aimed at having its members get products at affordable prices.

Ogunmade, who stated that the zone would want to take advantage of the ongoing deregulation process of the downstream sector, stated that they have already applied to the Petroleum Products Pricing Regulatory Agency (PPPRA) for approval to import petroleum products, and were, in fact, only awaiting approval from the agency to begin the business.

According to him, IPMAN Western zone has formed a business concern called IPMAN Western Zone Oil and Gas Ltd and that it was under this platform they would carry do the business.

He disclosed the zone had put in place adequate measures such as tank farm and throughput arrangement with depots owners for storage of imported products and would ensure effective distribution of the products to members across the western zone.

“We don’t want to be cut unaware by the ongoing deregulation process that is the reason why we plan to commence importation of petroleum product to assist our members. We have submitted our proposal and bid to the PPPRA while we are waiting for their approval to commence importation of all petroleum products,’’ he said.

Ogunmade noted that the western zone of IPMAN consumed about 60 per cent of the nation’s petroleum products, adding that zone wanted to have different outfits of their own, which will be controlled by their members to allocate products at affordable rate.

“We want to have a different outfit of our own that will compete in order to bring product at affordable price to our members. PPPRA cannot ignore the western zone, considering the facts that we consume about 60 per cent of the nation’s petroleum products,” he said.

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