The Independent Petroleum Marketers Association of Nigeria, IPMAN, has directed it members to sell petroleum product at N123.5 per litre against the N121.5 new pump price.
This information was contained in a press statement by the IPMAN chairman Kano chapter, Alhaji Bashir Danmallam, a copy of which was made available to newsmen in Kano on Tuesday.
IPMAN who reacted to the new price modulation announced by the Petroleum Pricing Regulatory Agency, PPPRA, said the agency has advised them to either sell at the new pump price or adjust to what will make Nigerians happy.
He asked all marketers under his jurisdiction to comply with the new price modulation advice by making sure no one sells above the approved ceiling of N123.50K per litre.
“After a review of the prevailing market fundamentals in the month of May and considering marketers’ realistic operating costs, as much as practicable, we wish to advise of a new PMS guiding pump price with corresponding Ex-Depot price for the month of June, 2020, as follows: Price Band: N121. 50 — B123. 50 per litre, Ex-Depot price: N102.13-N104.13 per litre, Ex-and Depot for collection: N109.78–N111. 78 per litre.
“All marketers are advised to operate within the indicative prices as advised by the PPPRA,” the circular said.
And as such, they accordingly instructed their marketers to comply with the advice of the government and adjust to N123.5 per liter pending the Deport Petroleum Marketers Association’s action on the new pump price.
Recall in the circular released by the Petroleum Products Pricing Regulatory Agency (PPPA) it advised marketers to sell fuel (PMS) not above N123.50 per litre.
Danmallam further assured the public of a steady supply and distribution of petroleum products at all times and in all circumstances, praying also that God would see us through this pandemic.