IPMAN to stop unfair product sharing formula

THE Independent Petroleum Markets Association (IPMAN) has threatened to stop operation if the Nigeria National Petroleum Corporation (NNPC) refused to regularise the 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 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 85 per cent outlets, to service was been slighted in the allocation formula.

He demanded that IPMAN should be given 60 per cent to meet up its service demands.

Ihedigbo faulted the arrangement where petroleum products were allocated to private depots and sold to major marketed and mega stations.

He 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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