Economy

Sell petrol at old rate until PPPRA gives directive, IPMAN tells members

Sell petrol at old rate until PPPRA gives directive, IPMAN tells members
Written by Maritime First

…Mandates members to sell petrol at N150 per litre in Kano***

The Independent Petroleum Marketers Association of Nigeria (IPMAN) has directed its members to sell petrol at the old rate of N143 per litre, pending the new directive by the Petroleum Products Pricing Regulatory Agency (PPPRA). It, however, mandated its members in Kano chapter, to sell fuel at N150 per litre.

The National Public Relations Officer of IPMAN, Alhaji Suleiman Yakubu, indicated this on Wednesday in Abuja, while reacting to the new ex-depot rate of N138.62 per litre from the previous N132.62 per litre, saying that IPMAN would brief its members as soon as it received a directive from PPPRA.

The 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 litre.

The PPMC Manager, Sales, Mohammed Bello, had disclosed the new price in a statement in Abuja on Tuesday.

Bello said that that the new price would come into effect from Aug. 5. The PPPRA had, in the last four months, adjusted its ex-depot price thrice.

The ex-depot price is the price at which depot owners sell the commodity to retail outlets.
Yakubu advised marketers to sell at the old rate, pending when PPPRA would announce its monthly pricing modulation for the product.

Checks conducted on Wednesday in Abuja showed that major marketers at Wuse, Gwarimpa, Maitama and Wuye had not adjusted their pumps to reflect the new price.

Also read:  PPMC: Petrol may sell for N138.62 per litre, this August

In the meantime, however, the IPMAN, Kano chapter, has directed its members to sell fuel at N150 per litre.

The IPMAN Chairman in the state, Bashir Danmallam, gave the directive in a statement made available to newsmen Kano on Wednesday.

He said that the directive followed the new price review announced by the Petroleum Products Marketing Company (PPMC).

Danmallam added that the directive was also in compliance with the government’s earlier statement that it would review upward or downward the price of the commodity on a monthly basis, depending on the price of crude oil in the international market.

The PPMC had, in a memo signed by its Manager, Sales, Mohammed Bello, on Aug. 4, fixed the depot price of premium motor spirit, known as petrol, at N138.62 per litre.

“Please be informed that the management has approved ex-depot price of petroleum products, including premium motor spirit (petrol), at N138.62 per litre,” the memo had said.

The IPMAN chairman said that private depots had also increased their price, as they would sell the commodity to their members at N139.5 per litre.

Danmalam asked all members under his jurisdiction to comply with the new price by making sure that no one sold above the approved N150 per litre.

The IPMAN chairman assured the public of the availability of the petroleum product at all times.

 

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Maritime First