The Independent Petroleum Marketers Association of Nigeria (IPMAN) has directed its members in the Southwest region of the country to sell fuel at N162 per litre.
The South West Zonal Chairman of IPMAN, Dele Tajudeen, said IPMAN’s directive followed the increase in the depot loading price of the product by the Petroleum Products Marketing Company (PPMC) from N138.62 per litre to N151.56 per litre.
Tajudeen said IPMAN members were left with no other option than to dispense the product at a price of N162.
He said, “IPMAN has no option than to sell at N162 to be able to meet up with the overhead cost, since the Federal Government has decided to increase the depot price of the product to N151.56k.
“IPMAN members have to make provision for the cost of diesel to run generator that will power the dispensing machines; pay the cost of transporting the fuel from the depot to their respective filling stations and also settle their statutory levies with the appropriate regulatory agencies.
“By the time they finish paying all these levies, the cost of discharging fuel at the petroleum filling stations would have shored up to N160, hence dispensing the product at N162 will enable IPMAN members to be able to pay the staff bills and the stations’ gains.”
The PPMC had on Wednesday increased the price of petrol from N138.62 per litre to N151.56 per litre.
The PPMC, which is a subsidiary of the Nigerian National Petroleum Corporation (NNPC), announced the new price in a memo to industry stakeholders.
”Please be informed that a new product price adjustment has been effected on our payment platform,” it said.
The PPMC memo further reads, “To this end the price of premium motor spirit (PMS) is now one hundred and fifty one naira, fifty six kobo (N151.56) per litre.
”This is effective 2nd September, 2020.”
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