The Independent Petroleum Marketers Association of Nigeria (IPMAN) has directed its members to sell petrol at N170 per litre, an increase of N10 per litre from the price of N160 per litre.
LEADERSHIP Weekend reports that the Petroleum Products Marketing Company (PPMC) had adjusted the ex-depot price of Premium Motor Spirit (PMS), also known as petrol, from N147.67 to N155.17 effective Nov. 13.
Speaking with journalists after the emergency meeting in Abuja, the IPMAN public relations officer, Alhaji Yakubu Suleman, said members have been directed to comply with the new price regime He stated: “The National Executive Council called this emergency meeting to agree on a range for pump prices across the country in view of the new realities in the industry, but most importantly, we discussed ways that we can get the government to consider us during other adjustments”.
When asked if they agreed on a particular pump price for petrol, he said, “Of course yes. The new price as approved by the National Executive of IPMAN for petrol is between N168.00 and N170.00., all other factors being equal as we have been doing in the business.
“We have communicated our members through the normal channel of communication and our Engineers are already working on the machines to reflect the new price regime at outlets where there are products to dispense”. In the same vein, Bashir DanMallam, chairman of the IPMAN of Kano, Bauchi, Jigawa and Katsina zone announced the directive at a news conference in Kano yesterday.
He said, “I call on all our members within our branch to immediately change the price of petrol from N160 per litre to between N168 and N170 per litre. “This development came after we received a circular from the Pipelines and Products Marketing Company (PPMC), advising us on the upward review of the price after it reviewed the market fundamentals for the month of November 2020”.
Dan-Mallam assured the public of the association’s commitment to ensure steady fuel supply across the states and beyond. Increase Due To Market Realities – NNPC In response to the development, the Nigerian National Petroleum Corporation (NNPC) yesterday confirmed the hike in fuel price by IPMAN, saying it was due to market realities. NNPC said it was aware of a document widely circulating in the media purporting an increase in the PPMC Ex-Coastal Price and Ex-Depot Price (with collection) to N130 and N155.17 respectively.
It clarified that although there was a slight increase “in the price based on the prevailing realities of market forces of demand and supply, the correct prices, as can be seen on PPMC’s “Customer Express” platform (online portal for procurement of petroleum products) are: Ex-Coastal Price – N128, and Ex-Depot Price (with collection) – N153.17”.
A statement by the Group General Manager, Group Public Affairs Division, Dr. Kennie Obateru, advised marketers to make their purchases through the online “Customer Express” platform (PPMCCustomer. Express/login/authenticate) at the recommended prices.
BY FESTUS OKOROMADU, ABDULLLAHI YAKUBU,
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