Uncertainty as IPMAN orders members to sell petrol at N143


The Independent Petroleum Marketers Association of Nigeria (IPMAN) has directed its members to sell petrol at the old rate of N143 per liter, pending a new directive by the Petroleum Products Pricing Regulatory Agency (PPPRA).

The National Public Relations Officer of IPMAN, Alhaji Suleiman Yakubu who gave the directive in Abuja was reacting to the new ex-depot rate of N138.62 per liter from the previous N132.62 per liter.

Yakubu said that IPMAN would brief its members as soon as it received directive from PPPRA and advised marketers to sell at the old rate, pending when PPPRA would announce its monthly pricing modulation for the product.

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The Nigerian National Petroleum Corporation (NNPC) and Petroleum Products Marketing Company (PPMC) had fixed the ex-depot price of premium motor spirit (PMS), known as petrol, at N138.62 per liter.

The PPMC Manager, Sales, Mohammed Bello, had disclosed the new price in a statement in Abuja on Tuesday saying that the new price would come into effect from Aug. 5.

“Please be informed that the management has approved ex-depot price of petroleum products, including Premium Motor Spirit (petrol) at N138. 62 per liter,” the memo read.

However, a statement signed by IPMAN Chairman, Kano chapter, Bashir Danmallam, said members would comply with PPMC instruction without hesitation.

According to him, the directive was also in compliance with government’s earlier statement that it would review upward or downward the price of the commodity on monthly basis depending on the price at the international market.

Danmallam urged private depots to also increase their price as they would sell the commodity to their members at N139. 5 per liter. He asked all members under his jurisdiction to comply with the new price regime by making sure no one sells above the approved ceiling of N150 per litre.

Danmalam assured the public of availability of petroleum products at all times.