IPMAN orders members to sell petrol at old rate

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).

The National Public Relations Officer of IPMAN, Alhaji Suleiman Yakubu, said this during an interview with the News Agency of Nigeria (NAN) on Wednesday in Abuja.

Yakubu, who was while reacting to the new ex-depot rate of N138.62 per litre from the previous N132.62 per litre, said that IPMAN would brief its members as soon as it received directive from PPPRA.

NAN reports that 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 the new price would come into effect from Aug. 5.

NAN reports that 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.

A survey conducted by NAN on Wednesday in Abuja indicated that major marketers at Wuse, Gwarimpa, Maitama and Wuye had not adjusted their pumps to reflect the new price.

NAN recalls that the PPPRA had, in the last four months, adjusted its ex-depot price thrice. (NAN)