Fuel Price In Nigeria: Petroleum Marketers Order Members To Sell At N150 Per Litre

The South West chapter of the Independent Petroleum Marketers Association of Nigeria (IPMAN) has directed all its members in the zone to from now on, increase the pump price of Premium Motor Spirit (PMS), otherwise known as petroleum to N150 per litre.

AllNews understands that the official pump price had been N143 per litre.

IPMAN South-West Zonal chairman, Alhaji Dele Tajudeen, who spoke with newsmen on Thursday, in Abeokuta, the Ogun State capital, said the directive became necessary in order to avert the planned shutdown of the filling stations across the zone.

Tajudeen said IPMAN took the decision due to a new price mechanism announced by the Petroleum Product Pricing Regulatory Agency (PPPRA).

The PPPRA had increased the depot price of the product from N133.72k to N138.62k without consulting with other critical stakeholders like IPMAN.

While berating the PPPRA for what he described as “policy inconsistency”, Tajudeen lamented that PPPRA’s new depot price has subjected IPMAN members to a serious dilemma.

He stated that after careful deliberations and consideration of many factors, IPMAN zonal Executive Committee arrived at the conclusion of increasing the pump price to N150 rather than joining 'saboteurs' at creating artificial scarcity of the product.

The Downstream Subsidiary of the Nigerian National Petroleum Corporation (NNPC), Petroleum Products Marketing Company had on Tuesday, in a memo signed by its Manager, Sales, Mohammed Bello, fixed ex-Depot of petrol to N138.62 per litre with effect from August 5, 2020.

Tajudeen said, “After careful deliberations and consideration of many factors, the IPMAN Zonal officers hereby declared that all its members should henceforth increase their pump price to N150 and shelve the plan of total close down of petrol stations across the South West.

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“The PPPRA is inconsistent and unorganised in dealing with the stakeholders. The normal thing to have done was to involve marketers, and other parties before announcing any increment.

“Even after announcing the new ex-depot price, they should have fixed the pump price for marketers to prevent unnecessary debt.

“It is very disheartening to hear that a new price regime is coming to effect, without considering the plight of marketers who bought these products at an expensive price.”

Fuel Price In Nigeria: Petroleum Marketers speaking with one voice

A day earlier, Kano State IPMAN had given a similar directive.

The IPMAN Chairman, Bashir Dan-Malam, gave the instruction in a statement on Wednesday.

Dan-Malam said the directive followed the new price modulation announced by the Petroleum Products Marketing Company.

The statement read, “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 monthly basis depending on the price at the International market.

“Please be informed that the management has approved the ex-depot price of petroleum products including Premium Motor Spirit (petrol) at N138. 62 per litre.

“Similarly, the private depots had also increased their price as they would sell the commodity to their members at N139.5 per litre.

“All members under our jurisdiction are therefore asked to comply with the new price regime by making sure no one sells above the approved selling of N150 per litre.”