The Oil marketers in Nigeria on Tuesday said it was impossible for its members to sell petrol at the new government regulated N121.5 per litre.
Acting under the aegis of Independent Petroleum Marketers Association of Nigeria (IPMAN), the marketers said they have directed their members to sell petrol at N123.5 per litre.
Reacting to the new price announced by the Petroleum Pricing Regulatory Agency (PPPRA), IPMAN said the agency has advised them to either sell at the new pump price or adjust to what will make Nigerians happy.
And as such, they accordingly instructed their marketers to comply with the advice of the government and adjust to N123.5 per litre pending the Deport Petroleum Marketers Association’s action on the new pump price.
The IPMAN Chairman Kano chapter, Alhaji Bashir Danmallam, in a statement in Kano, urged marketers under his jurisdiction to comply with the new price modulation advice by ensuing that no one sells above the approved N123.5 per litre.
In the circular the PPPRA, advised marketers to sell fuel not above N123.5 per litre.
“After a review of the prevailing market fundamentals in May and considering marketers’ realistic operating costs, as much as practicable, we wish to advise of a new PMS guiding pump price with corresponding Ex-Depot price for the month of June, 2020, as follows: Price Band: N121. 50 — B123. 50 per litre. Ex-Depot price:N102.13–N104.13 per litre. Ex-Depot for collection:N109.78–N111. 78 per litre.
“All marketers are advised to operate within the indicative prices as advised by the PPPRA,” the circular said.
Danmallam assured the public of a steady supply and distribution of petroleum products at all times and in all circumstances, praying also that God should put an end to the pandemic.
He advised both the public and marketers to continue to observe all public health measures of personal hygiene and social distancing to curtail the spread of the virus.
