Maintain old pump price, IPMAN tells fuel marketers

The Independent Petroleum Marketers Association of Nigeria (IPMAN) has ordered its members to continue selling Premium Motor Spirit (PMS), known as fuel, at the old rate of N143 per litre until there is a new directive from the Petroleum Products Pricing Regulatory Agency (PPPRA).

This was disclosed by the National Public Relations Officer of IPMAN, Alhaji Suleiman Yakubu, while reacting to the recent increase in the ex-depot price to N138.62 per litre from the previous N132.62 per litre.

Yakubu revealed that IPMAN would brief its members on a new price regime once it receives a directive from PPPRA.

Recall that the Pipeline Petroleum Products Marketing Company (PPMC), a subsidiary of NNPC, recently fixed the ex-depot price for PMS at N138.62 per litre. PPMC’s Sales Manager, Mohammed Bello, had noted that the new price would take effect from August 4, 2020.

It should be noted that the ex-depot price is the price that depot owners sell petroleum products to retail marketers.

In the meantime, some media reports revealed that some fuel marketers had adjusted their pump price to reflect the new rate. It was reported yesterday that fuel marketers in Kano State increased the pump price of N150 per litre.

Some of the stakeholders in the downstream sector recently pushed for an increase in the pump price of petroleum products to reflect the current reality.

In the wake of the oil price crash, the Federal Government had announced the deregulation of the downstream sector of the oil industry with the removal of fuel subsidy.