IPMAN kicks against unfair product sharing formula; threatens showdown

Written by on January 19, 2016

nnpc mega stationThe Independent Petroleum Markets Association (IPMAN) has threatened to stop operation if the Nigeria National Petroleum Corporation (NNPC) refuses to regularise perceived imbalances in the sharing and distribution formula of petroleum to marketers.

These were part of the resolutions reached at the end of an IPMAN stakeholders meeting held yesterday in Port Harcourt, the Rivers State capital.

Addressing reporters  after the meeting, the Chairman, IPMAN Council of Elders, Dr Emmanuel Ihedigbo, decried that IPMAN, which has about eighty-five  per cent outlets to service, was been slighted in the allocation formula.

While demanding that IPMAN should be given sixty per cent to meet up its service demands, Ihedigbo faulted the arrangement where petroleum products were allocated to private depots and sold to major marketers and mega stations.

He also urged the NNPC to designate four tank farms in Port Harcourt, one tank farm in Warri, two tank farms in Calabar and five in Lagos.

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