The Independent Petroleum Marketers Association in Kano State has directed its members to ignore the directive on new price and sell the product at N125 per litre until their old stocks are exhausted, following the reduction of pump price of petrol from N125 per litre to N123.50 per litre by the Petroleum Products Pricing Regulatory Agency on Tuesday night.

Alhaji Bashir Danmalam, IPMAN’s Chairman for Kano State, gave the directive while addressing a news conference in Kano on Wednesday.

According to Danmalam, the last time the Federal Government reduced the pump price of the product from N145 per litre to N125 per litre, its members nationwide lost over N5.5bn as a result of the sudden action.

“We called on government to compensate or support our members who incurred the huge losses due to the sudden reduction in fuel pump price but nothing was given to us.

“But to our surprise, the private depots owners were paid; none of our members was supported to reduce the losses they incurred. This time round, we will not sell our products at the new price until the old stocks are exhausted.”

He noted that IPMAN was the largest employer of labour besides the Federal Government, adding that members of the union would not continue to operate at a loss.

“Even though we are happy with the new development and the Federal Government should be commended for the gesture, the government should consider the fact that no sane marketer or businessman will continue operating their business at a loss.

“Before the last announcement, many of our members had already bought and loaded their vehicles with the product at old prices from Lagos, Port Harcourt and Warri and we spent five to seven days before reaching our destinations. So we are not going to sell the product at the new price until we sell the old stocks.”

He said the union would not hesitate to ask its members to withdraw their services should any filling station of their members be closed for not selling at the new pump price of N123.50 per litre.