“The debt owed to our members as a result of the diesel they supplied to state governments must be recovered.
The IPMAN chairman said some of the depots have stopped functioning for 10 years and 15 years due to the vandalism of pipelines by criminals.
IPMAN said this would create the much-needed competitive pricing environment and allow market forces to determine the price of products.
IPMAN had earlier directed its members to suspend payment for products from source until further notice.
The IPMAN president enjoined his members to cooperate with the national oil company, NNPC Ltd, as it makes “serious efforts in increasing importation.”
Mr Osatuyi said that the assurance became necessary to debunk the insinuations that lPMAN members were planning to shut down all their stations.
Mr Osatuyi said the government was finding it challenging to continue subsidising the price of petrol and advised that the downstream of the petroleum sector be fully deregulated.
IPMAN said there had been an increase in depot price of fuel from N148.17 per litre to N178 per litre since last week.
Mr Tajudeen lamented that oil theft had led to the closure of government depots across the country and harassment from security agencies.
