Capital Oil: IPMAN Sets Up Panel To Resolve Black Market Issues | Independent Newspapers Limited
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Capital Oil: IPMAN Sets Up Panel To Resolve Black Market Issues

Posted: Aug 6, 2015 at 12:46 am   /   by   /   comments (0)

By Obas Esiedesa,  Abuja


Independent Petroleum Marketers Association of Nigeria (IPMAN) has set up a seven-man committee to resolve issues of black marketeering of premium motor spirit by its members at the loading terminals of Capital Oil and Gas Limited.

The company had last week announced that it was barring IPMAN members engaged in selling petrol at black markets from lifting products at its facilities.

Explaining the decision to journalists in Abuja, Chairman of Capital Oil, Ifeanyi Uba, said it was concerned that most independent marketers sell petrol at prices above government approved N87/litre.

He, however, disclosed that the company was working with the IPMAN committee to curb the illegal activity.

Uba said in order to check the practice; the company came up with “no change of number” strategy that ensures “we load products to marketers that present trucks that were the exact approved truck listed on the loading tickets.

“The abuse of the policy allowing change of truck number makes it easy for some marketers to pay for and collect loading tickets from NNPC with a particular truck number and then come to our terminal with a different truck which is/was not indicated on the loading tickets,” he explained.